Marathon To Purchase Exploration Licenses From Statoil

Marathon Petroleum Norge signed an agreement to purchase three exploration licenses in the Norwegian Section of the North Sea from Statoil.

Statoil will sell its 18.6% interest in license 088; its 20% interest in license 102 and its 10% interest in license 150.

License number 088 includes the Peik gas and condensate discovery while license number 102 includes the Skirne and Byggve gas discoveries. License number 150 contains a minor oil discovery.

"The sale is a component of Statoil's strategy to concentrate efforts on the core areas Tampen, Troll-Sleipner and Halden-Nordland," Statoil reported. Statoil also added that it will continue to be part of the Heimdal field proper which is a connecting point for the transport of natural gas from the Norwegian continental shelf to markets in Europe.

The acquisition by Marathon will be facilitated once it is approved by Norwegian authorities and will be retroactive to January 1, 2001.

Marathon already holds a 23.80% stake in Heimdal license 036 covering block 25/4 where the main Heimdal Field is located.


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