Angola: Marathon stake sale

Marathon Oil Corporation has agreed to sell its 10% stake in BP’s Block 31 to Sonangol Sinopec International (SSI) for $1.5bn. The transaction is subject to the relevant approvals and pre-emption rights, but is expected to close in Q4 2013, with an effective date of 1 January 2013. The SSI joint venture already has 5% in the block. “This transaction highlights the shareholder value we have created through exploration success in Angola, as well as our commitment to financial discipline and efforts to profitably grow the company,” said Marathon chairman Clarence Cazalot.