Marathon Oil plans to divest stake in Block 32 Angola

Marathon Oil Corp, a US-based oil and natural gas exploration and production company is planning to sell a stake in its Angolan operations for as much as $800 million, as part of its earlier plan of shedding up to $3 billion in assets.

Houston, Texas-based Marathon, the fourth-largest integrated oil company in the US and its fifth largest refiner holds 10 per cent in two offshore blocks in Angola, and is selling its interest in one called Block 32, Bloomberg yesterday reported, citing two people with knowledge of the process.

Marathon, which has hired Standard Chartered to handle the sale process, expects final bids before the end of the month.

The asset may attract Asian producers including China Petrochemical Corp, one the people told the news agency.

Marathon and its partners have drilled more than 30 successful exploration wells in Block 31 and Block 32.

In Block 32, Marathon holds 10 per cent, Total Exploration and Production Angola, which is the operator of the block, holds 30 per cent, Sonangol 20 per cent, China Sonangol International Holding 20 per cent, Esso Exploration and Production Angola 15 per cent and Petrogal 5 per cent.