Marathon Petroleum Norge, a wholly-owned subsidiary of Marathon Oil Corp, has signed a deal with RWE Dea to acquire a 30% working interest in the production license (PL) 330 in the northern Norwegian Sea.
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
approval.
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.