The decision by Sinopec of China to pay US$1 billion for the right to explore for oil in deep water off Angola has shocked the West, which fears it could be left behind in a global scramble for resources. The rights to prospect for oil off the coast of the impoverished African country were selling for US$35 million less than a decade ago, when Western oil giants such as BP and Shell had the field almost to themselves.
Green Marine
about 20 years ago
Oil firms compete for world resources
The decision by Sinopec of China to pay US$1 billion for the right to explore for oil in deep water off Angola has shocked the West, which fears it could be left behind in a global scramble for resources. The rights to prospect for oil off the coast of the impoverished African country were selling [
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