Maersk agrees to co-fund Marathon well

Maersk Oil has acquired stakes in three production licenses offshore Norway from Marathon Petroleum Norge.

Offshore staff

COPENHAGEN, Denmark -- Maersk Oil has acquired stakes in three production licenses offshore Norway from Marathon Petroleum Norge.

In exchange, Maersk will pay part of the costs of Marathon’s current Earb South exploration well in the South Viking graben. Drilling should be completed in May.

The transaction will give Maersk a 15% share in PL505 and PL505BS, where Marathon Petroleum will continue to operate, in partnership with Lundin Petroleum and VNG. Maersk Oil will also gain 10% of PL570, operated by VNG, with Marathon and Lundin the other partners.

Maersk Oil managing director in Norway, Morten Jeppesen, said: “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.”

Assuming approvals from the partners and regulating authorities, Maersk will have interests in 10 Norwegian production licenses, three as operator.

04/04/2011

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