Sinopec (SNP +1.6%) says it will gain 100M barrels of recoverable resources from the $2.5B...

|By:, SA News Editor

Sinopec (SNP +1.6%) says it will gain 100M barrels of recoverable resources from the $2.5B purchase of Total's (TOT +3%) 20% stake and operating rights in offshore block OML 138 in the Usan field in the Niger Delta basin. The deal is part of SNP's plans to more than double its share of oil output from overseas projects to more than 50M metric tons/year by 2015.