Marathon announced that its subsidiary, Marathon International Petroleum Angola Block 32 Limited, has entered into a definitive agreement with CNOOC International Limited (CNOOC), and Sinopec International Petroleum Exploration and Production Corporation (SINOPEC) under which CNOOC and SINOPEC will purchase an undivided 20 percent participating interest in the Production Sharing Contract and Joint Operating Agreement in Block 32 offshore Angola. The transaction has a total value of $1.3 billion, excluding any purchase price adjustments at closing, with an effective date of Jan. 1, 2009.....Complete Story
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