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Marathon Oil to sell UK assets to RockRose
Marathon Oil has entered a $140mn share purchase agreement through its subsidiaries for the sale of its UK businesses Marathon Oil UK (MOUK) and Marathon Oil West of Shetland (MOWOS) to RockRose Energy. The transaction represents a complete country exit for Marathon Oil, as it concentrates attention on high margin, high return US resource plays.
MOUK holds a 37–40% operated interest in fields in the Greater Brae Area, and MOWOS holds a 28% stake in the outside-operated Foinaven field unit and 47% in Foinaven East.
RockRose Energy will assume all obligations associated with MOUK and MOWOS operations in the UK, including decommissioning liability.
News Item details
Journal title: Petroleum Review
Subjects: Economics, business and commerce, Exploration and production, Business management
