Maersk Oil Acquires Stake in 3 Production Licences Offshore Norway from Marathon Petroleum

Maersk Oil has acquired shares in three production licences in Norway from Marathon Petroleum Norge A/S, a wholly-owned subsidiary of Marathon Oil Corporation , in exchange for Maersk Oil’s financial contribution to the Earb South exploration well.

Marathon Petroleum Norge A/S is currently drilling the well on the Earb South Prospect in the South Viking Graben. Drilling is expected to be completed in May.

As a result of the deal, Maersk Oil will have a 15 percent share in Production Licences PL505 and PL505BS, where Marathon Petroleum Norge A/S remains the operator (35%) with Lundin Petroleum (30%) and VNG (20%) as partners.

Maersk Oil will also have a 10% share in Production Licence PL570, operated by VNG (40%) with Marathon Petroleum Norge A/S (20%) and Lundin Petroleum (30%).

 

“This is quality acreage which helps our goal of building a strong portfolio in this part of the North Sea” said Maersk Oil Managing Director in Norway, Morten Jeppesen.

“We believe Maersk Oil’s experience in similar plays in both Norway and across the border in the UK could be extremely useful in appraising this acreage, which we believe has a significant potential,” Jeppesen said.

The transaction is subject to the necessary authority approvals.

Maersk Oil will now have a total of ten production licences, three operated, in Norway.

About Maersk Oil in Norway

Maersk Oil began its activities in Norway in 2003 and holds seven production licenses in the North Sea and the Norwegian Sea. It is operator of three production licences and will drill its first operated well later this year in Production Licence PL431.

Maersk Oil participated in the Lundin-operated Avaldsnes oil discovery and the gas discovery in the RWE-operated Zidane well last year. Maersk Oil has 20% interest in both.

About Maersk Oil

Maersk Oil is an international oil and gas company with operated production of about 700,000 barrels of oil equivalent a day from fields in the Danish and UK North Sea, offshore Qatar and in Kazakhstan. Maersk Oil’s exploration activities are ongoing offshore UK, Denmark Norway, Angola, Brazil, the US Gulf of Mexico, Greenland and onshore Oman. Maersk Oil and its subsidiary companies are part of the Danish A.P. Moller – Maersk Group. Maersk Oil was established in 1962, when it was awarded a concession for oil and gas exploration and production in Denmark.

Source: Maersk Oil,  April 4, 2011;

 

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