Marathon Oil is set to snap up a in one of the main shale gas formations in the USA – while selling off its offshore block in Angola for around $590million.
The Angola sale, which will see the 10% stake in Block 32 being sold to Sonangol, comes following the sell-off of a similar stake in the region earlier this year for more than $1.5billion.
It comes as Marathon smashes through the $3billion, three-year divestment target it had for streamlining its portfolio.
“With the anticipated sale of our interest in Angola Block 32, we have now completed or agreed to divestitures totaling approximately $3.5 billion, surpassing the $3 billion upper end of our stated three-year target,” said Marathin chief executive Lee Tillman.
“We continue to evaluate our portfolio for high-grading opportunities and expect that process to remain evergreen and integral to our forward business plans.”
At the same time as the Angolan sell-off, the company confirmed two major purchases – with a $97million deal for 4800 acres in the Texas Eagle Ford shale field, and confirmed details of its $1billion share buyback.
An initial $500million in repurchased stock is complete, with the second phase to be completed later this year.
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