China secures big Angola oil deal
Chinese oil refining, producing and trading company China Petroleum and Chemical (Sinopec) has acquired deep-water oil assets in Angola by buying a 55% stake in Sonangol Sinopec, in a bid to further secure its diverse portfolio of oil import security.
The deal is the company's first acquisition of overseas upstream assets and is set to push Sinopec's proven crude oil reserves up by 3.6%, or by 102 million barrels (bbl), with daily crude-oil production rising by 8.8%.
Angola Block 18, a deep-water oil asset in Angola, is divided into an east and west zone and has an average water depth of 1,500 meters. The east zone has been in operation since
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