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Marathon Oil sells Norway operations in $2.7B deal

  • Marathon Oil (MRO) agrees to sell its Norwegian business to Det Norske Oljeselskap (DETNF) in a deal valued at ~$2.7B, as it focuses on its U.S. operations.
  • The sale includes the MRO-operated Alvheim FPSO vessel, 10 company-run licenses and some non-operated licenses on the Norwegian continental shelf; last year's net production in Norway averaged ~80K boe/day.
  • MRO says it abandoned plans to sell its U.K. North Sea business after failing to attract an acceptable offer.
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