Sinochem buys ConocoPhillips Block 16 stake
Bnamericas Published: Friday, December 12, 2003
Chinese company Sinochem has signed an agreement to buy US-based ConocoPhillips' 14% participation in block 16 in Ecuador for US$100mn, Reuters reported. The acquisition is Sinochem's first in Latin America, and is part of its international expansion plan. Spain's Repsol-YPF operates block 16 and plans to ramp up production to 100,000 barrels a day (b/d) by 2006. The block currently produces about 57,000b/d.
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