Marathon Oil to buy back shares with Angola deal proceeds

Tue Jun 25, 2013 5:22pm EDT

(Reuters) - U.S. oil and gas company Marathon Oil Corp (MRO.N) on Tuesday said proceeds from its $1.5 billion deal to sell its interest in Block 31 offshore Angola to China's Sinopec Group will be used to buy back its shares.

The deal expected to close in the fourth quarter, the Houston based company said.

(Reporting By Anna Driver)