China Snaps Up Shabwa Field
FT: Soco International on Monday announced the sale of its operation in Yemen to Sinochem, China’s state-run oil trader, $465m…..
The Yemen assets sold by Soco to the Chinese group comprise a 16.8 per cent stake in the East Shabwa area. The licence is operated by Total. Net proven reserves attributable to Soco’s stake are put at 18.7m barrels with a working interest of over 6,300 b/d. In 2006 the asset generated pre-tax profit of $55m on turnover of $76m.
