Sinochem buys Soco's Yemen assets for $465 mln

LONDON, Feb 4 (Reuters) - Chinese state-owned oil trader Sinochem (600500.SS) has bought Soco International's (SIA.L) stake in a Yemen oil field for $465 million, the London-based oil explorer said on Monday.

Soco said in a statement it was selling to reinvest in exploration while Sinochem's purchase follows a trend of Chinese and Indian state-owned oil companies buying oil and gas fields overseas to secure energy for the fast-growing Chinese economy.

The sale relates to Soco's indirect interest of 16.785 percent in the East Shabwa Development Area. Production at East Shabwa averaged 40,300 barrels of oil per day (bopd) in 2006 and Soco's share of output was 6,766 bopd.

Exploration companies typically sell fields which have come online and which offer less financial upside than untested exploration acreage. (Reporting by Tom Bergin, Editing by Mark Potter)