(Image courtesy of Marathon Oil)

Marathon Oil Corp. has agreed to sell its 10% interest in offshore Angola Block 32 for $590 million to Sonangol EP.

Sale of Marathon’s stake in Block 32 is expected to close in the last quarter of this year.

“With the anticipated sale of our interest in Angola Block 32, we have now completed or agreed to divestitures totaling approximately $3.5 billion, surpassing the $3 billion upper end of our stated 3-year target,” Marathon Oil Chief Executive Officer Lee M. Tillman said.

The sale of Marathon’s stake in Block 32 offshore Angola remains subject to final agreements, satisfying customary closing situations, and obtaining necessary government and regulatory approvals.

When closed, the sale to Sonangol totals Marathon Oil’s asset sales to $3.5 billion since 2011. In June, Marathon Oil sold a 10% interest in Angola Block 31 to the Sinopec Group for $1.5 billion.

Marathon has also announced it plans to buy 4,800 net acres in South Texas Eagle Ford for $97 million.


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