1.3 billion dollars to buy Angola block 20% Equity

CNOOC Co., Ltd. (0883.　　HK) and China Petrochemical Group International Petroleum Exploration and Development Co., Ltd. recently acquired 1.3 billion U.S. dollars in Angola 32 block 20% of the rights and interests. The joint venture, established by the two sides, has signed an agreement with marathon Angola's 32 block limited, which is a capital of $1.3 billion, to buy all of its 20% interests in full cash.　　The date of commencement of the transaction is January 1, 2009 and is expected to be completed by the end of 2009, but the final completion will depend on the availability of government and regulatory approvals, as well as on whether the relevant partners in the product-splitting contract and the joint operation agreement exercise the preemptive right. Angola 32 block is a deepwater exploration block with a total area of 5,090 square kilometres, comprising 12 oil and gas discoveries.　　The block is 150 kilometers from the coastline and the sea depth is 1400 meters to 2200 meters. After the deal is completed, the Marathon Oil company's interest in the block will fall to 10%.　　The proportion of equity in the block is as follows: Total has a 30% interest and is the operator; Angolan national oil company Sonangol has 20% interests, Exxon Mobil owns 15%, and Galp company has 5% interests. Up to now, in Angola, 32 blocks have been drilled and announced a total of 12 oil and gas, in order to confirm the feasibility of the first development in the Middle East of this block, the relevant parties are currently developing a preliminary development research programme.