Marathon Oil, a firm heavily active in Oklahoma’s STACK and SCOOP plays has sold its North Sea Operations for $140 million.
The Houston, Texas company sold its UK businesses Marathon Oil UK and Marathon Oil West of Shetland Limited to RockRose Energy. The sale will result in a complete regional exit for the Texas company.
Marathon Oil UK holds a 37 to 40% operated interest in fields in the Greater Brae Area, and Marathon Oil West of Shetland controls 28% of the Foinaven Field unit and 47% in Foinaven East.
At the end of 2018, Marathon’s UK operations carried carried 21.4mn barrels of oil equivalent of proved reserves in the United Kingdom, and 2018 production averaged approximately 13,000 barrels of oil equivalent per day.
“Today’s announcement to divest our U.K. business represents our continued commitment to portfolio management and further concentrates our portfolio on high margin, high return U.S. resource plays,” said Lee Tillman, Marathon Oil chairman, president and CEO. “I’d like to recognize the significant contributions of our UK employees – both current and past – who built and have operated the Brae Field for more than 30 years.”