Sinopec's Angola JV Wins Stakes in Three Blocks
June 12, 2006China Industry Daily News
At the end of last month, Sonangol Sinopec International (SSI), a joint venture between China's top oil refiner Sinopec and Angola's state oil company Sonangol, won stakes in three blocks in Angola through an open tender, 21st Century Business Herald reported on Saturday quoting a source close to Sinopec.
The company won a 27.5% stake in block 17, a 40% stake in block 18 and a 20% stake in block 15, the source said.
These three blocks will bring Sinopec approximately 100,000 barrels of oil output per day after they go into operation next year, the source said.
Block 15 holds an estimated 1.5 billion barrels of oil reserves, block 17 approximately 1 billion barrels and block 18 is estimated at 700 million barrels.
Sonangol has tendered a total of seven oil blocks and 51 international oil and gas companies have submitted offers.
Sinopec holds a 75% stake in SSI.