Sonangol to Pick up Marathon Stake in Block 32

Wednesday, September 18, 2013

Marathon Oil Corp. is selling its 10% stake in offshore Angolan Block 32 to Angola’s state-run firm Sonangol. The stake is in the block which is home to a number of discoveries including the Gindungo in 2003, Canela and Cola in 2004, Gengibre and Mostarda drilled in 2005, Salsa, Caril, and Manjericao drilled in 2006.

The purchase price for the stake is an estimated $590 million, less than half of what it got for a stake it sold in Block 31 earlier this year.

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