The company said that the interest acquisition in the PL330 is complementary to its existing business plans related to the Norwegian Continental Shelf.

The agreement, which is effective from 1 January 2011, is subject to Norwegian governmental

Marathon Petroleum Norge managing director T Mitch Little said this transaction is part of the company’s ongoing efforts to ensure that its asset portfolio in Norway is structured in a manner that helps facilitate its continued profitable growth.

Marathon Petroleum currently holds 15 production licenses on the Norwegian Continental Shelf.