China’s largest refiner Sinopec has acquired stakes in Angolan oil exploration blocks, state press reported on Tuesday, marking another success in the Asian nation’s global quest for more sources of fuel.
The three blocks have total proven reserves of 3,2-billion barrels of oil and are expected to boost oil production for Sinopec by 100 000 barrels a day after they come on stream next year, the Shanghai Securities News reported.
Sinopec acquired the stakes of 27,5%, 40% and 20% in the off-shore blocks through its joint venture with Angola’s state national oil company.
Sinopec holds a 75% stake in the joint venture, Sonangol Sinopec International.
The Shanghai Securities News did not give any details about how much the investment was worth, but previous state press reports had said Sinopec offered $2,4-billion for the oil blocks.
Sinopec officials were not immediately available to comment on Tuesday.
China, which imports about 40% of its oil needs, has worked hard to woo resource-rich African nations, as the Asian giant seeks to tap oil and gas to power an economy that expanded at more 10% last quarter.
Angola has surpassed Saudi Arabia and Iran as China’s top provider of crude in the first two months of this year, according to Petromatrix, a Swiss trade advisory and risk management company.
The former Portuguese colony shipped 2,12-million tonnes of crude to China in February, ahead of Saudi Arabia’s 1,98-million tonnes, said the report released in late March.
Angola, sub-Saharan Africa’s second largest oil producer after Nigeria, is set to double its production of oil in the next three years to reach two million barrels per day in 2008, according to the Britain-based oil consultancy Wood MacKenzie.
The new Sinopec deal comes just ahead of Chinese Premier Wen Jiabao leaving on Thursday for a seven-nation African trip that includes Angola. ‒ Sapa-AFP