Marathon Oil Corp announced plans to divest its stake in an Angolan oil and gas field. The stake would be sold for about USD 590 million. The move was part of the firm's program to dispose itself of its assets so that it could bring in capital to finance exploration and development projects.
The oil company said it had already agreed with state-run Angolan oil company Sonangol EP in principle for the sale of its 10% stake. The stake is located in Block 32 in offshore Angola.
In June, Marathon Oil also sold its stake in Block 31 of the Angolan field. China's Sinopec Group bought the 10% stake for USD 1.5 billion. On Tuesday, Marathon Oil said it would proceed with its plans to buy back its shares worth USD 1 billion using the proceeds from the Sinopec deal.
Marathon Oil also revealed that it would purchase an estimated 4,800 acres in the Texas Eagle Ford share field. The purchase price for that transaction was pegged at USD 97 million.
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