* Says to sell 10 pct stake to Angola's Sonangol EP
* To buy acreage in Eagle Ford for $97 mln
* To buy back $1 bln of stock
Sept 10 Marathon Oil Corp said it plans
to sell its stake in an oil and gas field offshore Angola for
about $590 million as part of an asset disposal program aimed at
shoring up its balance sheet and funding exploration and
The company also said it would acquire about 4,800 net acres
in the Eagle Ford shale field in Texas for $97 million.
Marathon Oil said it reached an agreement in principle to
sell its 10 percent stake in Block 32 offshore Angola to
state-run oil firm Sonangol EP.
Houston-based Marathon Oil in June sold its 10 percent stake
in another Angolan field called Block 31 to China's Sinopec
Group for $1.5 billion.
Marathon Oil had said it would use the proceeds from the
deal with Sinopec to buy back its shares.
The company on Tuesday said it was moving forward with its
plan to buy back $1 billion of its stock.
The deal with Sonangol, expected to close in the fourth
quarter, takes Marathon Oil's asset sales to $3.5 billion since
2011. That is higher than the company's initial target of
raising $3 billion in three years from 2011.
Marathon Oil and its partners including French oil major
Total SA have drilled more than 30 exploration wells
in Block 31 and Block 32.
Marathon Oil shares were up about 1 percent at $36.75 before