Marathon cashes in Angola

September 11, 2013

Marathon Oil is to sell its 10% interest in deepwater Block 32 offshore Angola to Sonangol for about US$590 million.

The firm also announced plans to repurchase US$1 billion of its common stock and buy about 4800 acres in the core of its south Texas Eagle Ford position, for about US$97 million, including carried interest of about $23 million.

Total is operator of Block 32, on which engineering studies are being carried out for the Kaombo project, involving two FPSOs with an estimated capacity of 100,000 bbl/d each.

These will enable the development of several oil fields in the Gindungo, Gengibre, Canela, Mostarda, Louro, Salsa and Caril fields in the central and southeastern sections of the block, in water depths of 1500 m.

The Kaombo project will be the block’s first development. 



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