Marathon Petroleum Acquires 30 pct Stake in PL 330 , Offshore Norway

Marathon Petroleum Norge AS, a wholly-owned subsidiary of Marathon Oil Corporation , has signed an agreement with RWE Dea Norge AS to acquire a 30 percent working interest in production licence (PL) 330  in the northern Norwegian Sea.

“This transaction is part of our ongoing efforts to ensure Marathon’s asset portfolio in Norway is structured in a manner that helps facilitate our continued profitable growth,” said T. Mitch Little, Managing Director of Marathon Petroleum Norge AS. “Norway continues to be a strategic core area for Marathon and the purchase of PL 330 is complementary to our existing business plans related to the Norwegian Continental Shelf (NCS).”

The agreement is effective of January 1, 2011, and is subject to Norwegian governmental approval. Marathon Petroleum Norge AS currently holds 15 production licenses on the NCS and is the operator of the Alvheim and  Volund fields.

[mappress]

Source:Marathon Petroleum , May 26, 2011; Image:RWE DEA