Marathon sells 20 pct of Angolan offshore oil block to Sonangol for US$1.3 billion

14 December 2009

Houston, USA, 14 Dec – US company Marathon Oil Corporation said Friday that it had sold 20 percent of Angolan offshore oil block 32 to Angolan state oil company Sonangol for US$1.3 billion.

Sonangol, which is already one of the operators of Block 32, acquired the 20 percent stake after exercising its right to buy when the US company announced it planned to sell the stake, in July, to CNOOC International Ltd and Sinopec International Petroleum Exploration and Production Corp.

The acquisition gives Sonangol a total 40 percent stake in Block 32. The other partners in the block include Total Exploration and Production Angola, Esso Exploration and Production Angola and Petrogal.

Marathon announced it would keep 10 percent of the block.

The transaction between Marathon and Sonangol is due t be concluded I January 2010. (macauhub)