Marathon Oil Corp is to sell its Norwegian business for $2.1 billion to oil exploration group Det norske, part of plans to shed assets in Norway and Britain to free up cash for the U.S. firm's shale activities in the United States.The deal goes some way towards Marathon's aim of quitting the North Sea and will transform Det norske into a full-blown exploration and production company.Marathon had said in December it would try to sell its businesses in Norway and Britain to invest in its U.S. liquids-rich shale business in the Bakken, Eagle Ford and Woodford areas.But Marathon said on Monday it did not get an acceptable offer for its smaller UK business. The UK operation produced 15,000 barrels of liquid hydrocarbons a day and 32 million cubic feet of gas per day last year.
Marathon Oil Corporation (Marathon Oil) is an international energy company engaged in exploration and production, oil sands mining and integrated gas with operations in the United States, Angola, Canada, Equatorial Guinea. Shares of MRO remained unchanged at $36.66. In the past year, the shares have traded as low as $31.57 and as high as $38.18. On average, 6156460 shares of MRO exchange hands on a given day and today's volume is recorded at 5427134.
Source
