Sinopec Group of China agreed to acquire Marathon Oil Corp's Angola offshore oil and gas field. The said acquisition is priced at US$1.52 billion according to Asia's biggest oil refiner and producer.

In a statement issued late on Friday, Sonangal Sinopec International Ltd said that its subsidiary will buy Houston-based Marathon's 10% stake in the oil and gas filed in Angola that is called Block 31.

China's oil industry businesses are on aggressive hunts for overseas assets to bulk up their energy reserves. This is to meet future demands of the world's second biggest economy.

The Block 31 in the Angolan field is operated by BP and has estimated proved and probable reserves of 533 barrels. This was according to Sinopec who added that it could hold a stake of 15% in the block upon completion of said deal.

The US$1.52 billion due to be paid by China's Sinopec is a part of the US$3 billion asset disposal target set by Marathon last 2011. The proceeds of the deal will be used to shore up the company's balance sheet to be able to conduct further exploration and development projects.