Engineering News

Marathon sells Angola stake to Sonangol for $1.3B
Friday December 11, 2009, 10:46 am EST

Sonangol to buy Marathon Angola stake for $1.3 billion, blocking sale to CNOOC and Sinopec

HOUSTON (AP) -- Marathon Oil Corp. on Friday said a unit of Angola's state-owned oil company Sonangol agreed to buy a 20 percent interest in an area offshore Angola for $1.3 billion.

Sonangol, which is already a partner in the Angola Block 32, exercised its right of first refusal, effectively trumping the deal Marathon had struck in July to sell the stake to CNOOC International Ltd. and Sinopec International Petroleum Exploration and Production Corp.

The move doubles Sonangol's stake in the high quality oil-bearing reservoirs to 40 percent from 20 percent. Other partners include Total Exploration and Production Angola, Esso Exploration and Production Angola and Petrogal.

Marathon said it will retain a 10 percent working interest in the property. When the sale was announced in July, Marathon said the divestiture would help balance its overall portfolio by redirecting proceeds to other growth regions.

The parties expect to close the transaction in January.

Shares of Marathon fell 21 cents to $31.34 in morning trading.

Source: Associated Press

Engineering News Archive

 
// CAREER RESOURCES

Applicant Procedures
Job Seekers
Resume Help
Professional Organizations
Engineering Career Information
Engineering Colleges

// WHAT WE DO
Recruiters for
Professionals in the Chemical
& Pharmaceutical Industries
We recruit exclusively for Engineers and Operations/Maintenance Management Personnel in the following areas:
Specialty chemicals
Bulk chemicals
Commodity Chemicals
Petrochemicals
Fine chemicals
Agrochemicals
Industrial gases
Surfactants
Fertilizers
Solvents
Coatings
Polymers
Pharmaceuticals
Refinery
Career Center | FAQs | Privacy
SESI Corporate Headquarters (954)755-3121 ext 109
© Search Enterprises, Inc. All rights reserved.
Submit a Job About Search Enterprises Submit a Resume Candidates Job Opportunities Search Enterprises Home