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On 25 June, 2013, Marathon announced it had agreed to sell its 10% stake in Block 31, in Angola's offshore Lower Congo Basin, to Sonangol Sinopec International (SSI), a partnership between Sinopec Group and China Sonangol, for US$1.52 billion. Our base case valuation of the deal is US$1.66 billion (discounted at 10% from January 2013). This is one of the largest asset deals ever announced in Angola and just the second involving a producing deepwater asset.The block contains one ...
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Sinopec and Sonangol acquire Marathon's interest in Angola's deepwater Block 31 for US$1.52 billion PDF - 835.61 KB 7 Pages, 9 Tables, 1 Figures
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The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.
This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.
This Upstream Oil and Gas Deal Insight report provides an in-depth analysis of this deal. You will also find information about upstream assets and the strategic rationale behind the deal.
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Deal insight | Jul 2013
Sinopec and Sonangol acquire Marathon's interest in Angola's deepwater Block 31 for US$1.52 billion
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