Marathon Oil Sells Gulf of Mexico Assets

Houston-based exploration and production company Marathon Oil Corporation (MRO) will sell its operated producing properties in the greater Ewing Bank area and non-operated producing interests in the Petronius and Neptune fields in the Gulf of Mexico for $205 million, the company announced Monday.

 

The undisclosed buyer will assume all future abandonment obligations for the acquired assets, which represent a majority of the company's operated and non-operated producing properties in theregion. The effective date of the transaction is January 1, 2015. Closing is expected before year end.

 

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.