Marathon Oil sheds Gulf of Mexico assets

Marathon Oil Corporation, a global exploration and production company based in Houston, announced on Monday it has signed an agreement for the sale of a majority of its assets in the U.S. Gulf of Mexico. 

Without revealing the name of the buyer, the company said it was selling 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.

Marathon says the buyer will assume all future abandonment obligations for the acquired assets. These assets represent a majority of the company’s operated and non-operated producing properties in the Gulf of Mexico. The effective date of the transaction is Jan. 1, 2015 and closing is expected before year end.

Marathon Oil notes 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.

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