Maersk Oil Strengthens North Sea Portfolio with Norway Acquisition

Maersk Oil has acquired shares in three production licenses in Norway from Marathon Petroleum Norge A/S, a wholly-owned subsidiary of Marathon Oil, in exchange for Maersk Oil's financial contribution to the Earb South exploration well.

Marathon Petroleum Norge A/S is currently drilling the well on the Earb South Prospect in the South Viking Graben. Drilling is expected to be completed in May.

As a result of the deal, Maersk Oil will have a 15 percent share in Production Licenses PL505 and PL505BS, where Marathon Petroleum Norge A/S remains the operator (35%) with Lundin Petroleum (30%) and VNG (20%) as partners.

Maersk Oil will also have a 10% share in Production Licence PL570, operated by VNG (40%) with Marathon Petroleum Norge A/S (20%) and Lundin Petroleum (30%).

"This is quality acreage which helps our goal of building a strong portfolio in this part of the North Sea," said Maersk Oil Managing Director in Norway, Morten Jeppesen.

"We believe Maersk Oil's experience in similar plays in both Norway and across the border in the UK could be extremely useful in appraising this acreage, which we believe has a significant potential," Jeppesen said.

The transaction is subject to the necessary authority approvals.

Maersk Oil will now have a total of ten production licenses, three operated, in Norway.