Sinopec to buy Angolan oil field for US$1.52 billion

Sinopec Group has agreed to buy the 10% stake in an Angolan oil field held by American company Marathon Oil (MRO.NYSE) for US$1.52 billion in an effort to boost China’s energy reserves, Reuters reported. The purchase follows the Chinese company’s purchase of a US$4.2 billion stake in a Mozambique offshore natural gas field and a 20% stake in Novatek’s (NVTK.MCX) US$20 billion Yamal-LNG project in northwest Siberia. The Angolan oil field, known as Block 31 and operated by BP (BP.NYSE, BP.LON), has estimated reserves of 533 million barrels. The purchase will increase Sinopec’s stake in Block 31 to 15%.