China Petrochemical Group (Sinopec), China's largest oil refiner, said Wednesday that U.S. Occidental Petroleum Corp. had completed handing over its Argentinean assets to it.
Sinopec reached an agreement with U.S. Occidental Petroleum Corp. to buy all assets of its Occidental Argentina for 2.45 billion U.S. dollars in December last year, according to a Sinopec statement.
Occidental Argentina had gross proven and probable reserves of 393 million barrels of oil equivalent and an interest in 23 production and exploration concessions in Argentina, 19 of which had been operated by the company, said the statement.
Occidental Argentina's production last year totaled more than 15 million barrels of oil equivalent and 14 billion cubic feet of natural gas equivalent.
The purchase is Sinopec's first investment in Argentina's oil and gas sector, according to the statement.
Occidental Petroleum Corp. is the fourth largest U.S. oil and gas company by market value, with operations in the United States, the Middle East and Latin America.
From:Xinhua Net
Sinopec reached an agreement with U.S. Occidental Petroleum Corp. to buy all assets of its Occidental Argentina for 2.45 billion U.S. dollars in December last year, according to a Sinopec statement.
Occidental Argentina had gross proven and probable reserves of 393 million barrels of oil equivalent and an interest in 23 production and exploration concessions in Argentina, 19 of which had been operated by the company, said the statement.
Occidental Argentina's production last year totaled more than 15 million barrels of oil equivalent and 14 billion cubic feet of natural gas equivalent.
The purchase is Sinopec's first investment in Argentina's oil and gas sector, according to the statement.
Occidental Petroleum Corp. is the fourth largest U.S. oil and gas company by market value, with operations in the United States, the Middle East and Latin America.
From:Xinhua Net
