Beijing (CNS) – Sinopec Group paid 538 million U.S. dollars for 80% equities of Pecten Cameroon Company (PCC) from Shell, the first time for the world's second largest refiner to acquire oil and gas assets in Cameroon, said Sinopec on November 3.
Sinopec International Petroleum Exploration and Production Corp. (SIPC), a wholly-owned subsidiary of Sinopec, signed an acquisition agreement with the Royal Dutch Shell PLC to buy its shares of PPC through Addax Petroleum, a wholly-owned subsidiary of the SIPC, on May 25.
The PCC owns 12 production and exploration blocks at the coastal Rio del Ray Basin, and it operates two of them, according to Sinopec. The oil reserves under Sinopec's equities on the transaction baseline day (December 31, 2010) is 35.90 million barrels and Sinopec expected a daily production of about 11,900 barrels in 2007 of these reserves, or an annual production of about 600,000 tons, the refiner said.
Affected by maintenance, Sinopec's production of crude oil in Africa during the first three quarters had dropped to 12.75 million barrels, compared with 22.75 million barrels the same time of last year, said Huang Wensheng, spokesperson of Sinopec.
The overseas production has been resumed in the third quarter, and production of the fourth quarter is expected to increase, added Huang.
