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Marathon Oil is selling its minority stakes in the Foinaven fields in the west of Shetland area operated by BP and interests in the Brae complex northeast of Aberdeen in a sales process run by Jefferies. Bids are expected by December this year.
According to banking sources, Marathon Oil’s assets in the UK North Sea could fetch up to US$200 million.
Marathon Oil’s assets in the North Sea produce a total of 15,000 barrels of oil equivalent per day, and the resource base is of 31 million barrels.
The company has allocated more than 90 percent of its 2018 development capital to the U.S. resource plays in which it has positions—the Permian, the Eagle Ford, the STACK/SCOOP, and the Bakken.