China Knowledge reported that China Petrochemical Corp which is also known as Sinopec Group and is the largest oil refiner in Asia had completed the acquisition of Occidental Petroleum Corp Argentinean assets.

In December last year, the Chinese oil giant signed an agreement with Occidental Petroleum Corp, the fourth largest oil and gas company in the US to acquire all assets of the latter Occidental Argentina for USD 2.45 billion which marked Sinopec first investment in Argentina's oil and gas sector.

As per report, the OXY Argentina has 23 production and exploration blocks in the country's Santa Cruz, Mendoza and Chubut of which 19 blocks are working blocks. As of the end of 2009, its total reserve had reached 393 million barrels of oil equivalent and the daily production capacity of crude oil was more than 51,000 barrels of oil equivalent in 22 production blocks, China Knowledge reported earlier.

In 2010, Occidental Argentina production totaled more than 15 million barrels of oil equivalent and 14 billion cubic feet of natural gas equivalent.

(Sourced from China Knowledge)