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Marathon Oil Corp Announces $1.5 Billion Sale of Interest in Angola Block 31


Tuesday, 25 Jun 2013 04:59pm EDT 

Marathon Oil Corp announced that its subsidiary, Marathon International Oil Angola Block 31 Limited, has entered into a definitive agreement to sell its 10% working interest in the Production Sharing Contract and Joint Operating Agreement in Block 31 offshore Angola to SSI Thirty-One Limited (Sonangol Sinopec International). The transaction has a total value of approximately $1.5 billion, excluding any purchase price adjustments at closing. The companies anticipate closing the transaction in the fourth quarter of 2013, with an effective date of Jan. 1, 2013. The transaction is subject to government, regulatory and third-party approvals, and pre-emption rights which exist on the block. SSI Thirty-One Limited currently holds a 5% working interest in the block. With this transaction, the Company has agreed upon or closed on nearly $2.9 billion in divestitures, at the upper end of its targeted $1.5 billion to $3 billion of divestitures over the period of 2011 through 2013. Production from the PSVM development on Block 31 commenced in the fourth quarter of 2012. The concessionaire of Block 31 is Sonangol, Angola's state-owned oil company. The operator is BP Exploration Angola with a 26.67% working interest. Sonangol E.P. holds 25%; Sonangol P&P holds 20% ; Statoil Angola A.S. holds 13.33%; and SSI Thirty-One Limited currently holds 5%. 

Company Quote

28.26
-0.1 -0.35%
26 Dec 2014