China Petrochemical Corp. (Sinopec) agreed on June 24 to buy US-based Marathon Oil Corp.’s stake in an Angolan oil and gas field. With a 5 percent stake that Sinopec purchased from France’s Total in 2011 and Marathon’s 10 percent stake, it will have a 15 percent stake in the field if the investment is approved by both the Chinese and Angolan governments. Sinopec says the area has proven and probable reserves of 533 million barrels of oil.

Posted by Ben Baden