Sinochem Buys Stake in Yemen Oilfield

Chinese state-owned oil trader Sinochem has bought Soco International's stake in a Yemen oil field for US$465m.

Soco says it is selling to reinvest in exploration work, particularly in Vietnam, which it describes as a "core asset", according to Reuters

The East Shabwa joint is operated by Total E&P Yemen under a production sharing agreement with the Government of Yemen.

Production in 2006 averaged 40,300 barrels bpd.

By staff writer