SHANGHAI, June 22 China National Petroleum Corp
has agreed to buy Marathon Oil Corp's Angolan offshore
oil and gas field for $1.52 billion, the country's top oil and
gas producer said, marking its second major acquisition in
Sonangal Sinopec International Ltd, a wholly-owned unit of
CNPC, will acquire Houston-based Marathon's 10 percent stake on
the Angolan field called Block 31, it said in a statement late
CNPC, the parent of listed company PetroChina Co Ltd
, has been on an aggressive hunt for overseas assets
to bulk up China's energy reserves to meet future demand from
the world's second-largest economy.
It agreed in March to buy a $4.2-billion stake in a
Mozambique offshore natural gas field and on Friday agreed to
buy a 20 percent stake in Novatek's $20-billion
Yamal-LNG project in northwest Siberia.
The Angolan Block 31 field, operated by BP, has
estimated proved and probable reserves of 533 million barrels,
CNPC said, adding that it would hold a stake of 15 percent in
the block when the transaction was completed.
The $1.52 billion due to be paid by CNPC is part of a
$3-billion asset disposal target set by Marathon in 2011 to
shore up its balance sheet to fund further exploration and
The deal is subject to approval by the Chinese and Angolan