Gulf Oil and Gas accountACCOUNT

Marathon Completes Sale of Its Interests in Heimdal Area Offshore Norway

Source: www.gulfoilandgas.com 10/31/2008, Location: Europe

Marathon Oil Corporation today announced the completion of the sale of its non-operated interests in the Heimdal infrastructure, related producing fields and associated undeveloped acreage offshore Norway. Centrica plc, the parent company of British Gas, acquired the interests for a total value of $416 million, which includes a $375 million purchase price and $41 million in associated Norwegian asset tax pools, with an effective date of Jan. 1, 2008.

The sale of these non-core Norwegian assets is part of Marathon's ongoing review of its global asset portfolio and the Company's goal to achieve $2 - $4 billion in gross proceeds by mid-year 2009.

Under the terms of the sale, Centrica acquired Marathon's 23.8 percent interest in the Heimdal field, as well as its 46.9 percent interest in the Vale field; a 20 percent interest in the Byggve field; a 20 percent interest in the Skirne field; and a 50 and 20 percent interest in the Peik and Heimdal East discoveries, respectively.

Marathon's net proved reserves associated with these assets as of year end 2007 were 4.8 million barrels of oil equivalent (mmboe), and total net risked resources of approximately 17.5 mmboe. Current net production from these operations averaged approximately 7,000 barrels of oil equivalent per day during the first three quarters of 2008. None of the assets involved in this agreement are associated with Marathon's Alvheim/Vilje development or related operations on the Norwegian Continental Shelf

Oil & Gas Companies News in Norway >>

Norway >>  9/26/2019 - Var Energi AS, owned by Eni and HitecVision, has signed an agreement with ExxonMobil to acquire its upstream assets in Norway. The transaction include...
United Kingdom >>  9/26/2019 - TechnipFMC and DNV GL have entered into a partnership to develop the oil and gas industry’s first methodology for qualifying the integrity of digital ...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Norway Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 |

More News

Related Links

00 AL AT BE BG CH CY CZ DE DK ES FI FR GR HR HU IE IT NL NO PL PT RO SE SI TR UK
Gulf Oil and Gas
Copyright © 2019 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.