Marathon Oil has confirmed its plans to sell its interest in deepwater Block 32 offshore Angola for approximately US $590 million.

The operator is already underway with the previously announced $1.5 billion sale of its 10% stake in neighbouring Block 31, with that deal expected to close in the fourth quarter of this year, with an effective date of 1 January, 2013.

Marathon said it has now reached agreement in principle to sell its 10% working interest in the Production Sharing Contract and Joint Operating Agreement in Block 32 to Angola’s Sonangol E.P. The transaction has a total value of approximately $590 million, excluding any purchase price adjustments. Pending execution of definitive agreements and government approval, the deal is expected to close in the fourth quarter of 2013, with an effective date of 1 January, 2013.

Lee M. Tillman, President and CEO, said: “With the anticipated sale of our interest in Angola Block 32, we have now completed or agreed to divestitures totalling approximately $3.5 billion, surpassing the $3 billion upper end of our stated 3-year target.”