Marathon Oil to divest Gulf of Mexico assets

 Offshore staff

HOUSTONMarathon Oil Corp. has signed an agreement for the sale of most of its Gulf of Mexico oil and gas assets.

Marathon’s Gulf of Mexico portfolio includes its operated producing assets in the greater Ewing Bank area and its non-operated producing interests in the Petronius and Neptune fields in the Gulf of Mexico. They are being sold for $205 million.

Marathon Oil operates the Arnold, Lobster, and Oyster fields in Ewing Bank blocks 963, 873, and 917, holding 65% working interest in Ewing Bank; 66.67% WI in Lobster and Oyster and 62.5% WI in Arnold. It holds a 30% non-operated WI in Neptune, and a 50% non-operated WI in Petronius/Perseus development in Viosca Knoll blocks 786/830.

Marathon Oil said it will retain its interests in certain other producing assets and acreage in the Gulf of Mexico, as well as its interests in the Gunflint development and Shenandoah discovery.

Marathon holds a 10% non-operated WI in the Shenandoah discovery, located in Walker Ridge block 52, and an 18% non-operated working interest in Gunflint, located on Mississippi Canyon blocks 948, 949, 992(N/2) and 993(N/2).

The unnamed buyer will assume all future abandonment obligations for the acquired assets. The effective date of the transaction is Jan. 1, 2015. Closing is expected before the end of the year.

Last year, Marathon Oil sold its Norwegian business group to Det norske oljeselskap ASA.


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