Most popular Sinopec acquires western oil company

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China Petrochemical Corporation (Sinopec) announced on December 10 that through its wholly-owned subsidiary Sinopec International Petroleum Exploration and Development Co., Ltd. and western Petroleum Corporation (oxy) of the United States, Sinopec signed a definitive agreement to acquire 100% shares of oxy Argentina's subsidiary and its affiliates (collectively referred to as oxy Argentina) for $2.45 billion

oxy Argentina holds 23 production and exploration blocks in Santa Cruz, Mendoza and Chubut provinces, 19 of which are operation areas. As of December 31, 2009, the total proved and possible reserves of the project are 393million barrels of oil equivalent. In 2009, the crude oil output of 22 production blocks exceeded 51000 barrels of oil equivalent per day

western oil company is the fourth largest oil company in the United States, mainly engaged in oil and gas exploration and development activities in the United States, the Middle East and Latin America. As the largest petrochemical company in China, Sinopec complies with the trend of economic globalization, ensures the diversification of oil supply, and actively promotes international operations. This transaction is the first time that Sinopec has entered the Argentine oil and gas exploration and development market, which is of great significance to promote economic and trade exchanges between China and Argentina

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