Marathon Oil has struck a deal to sell the majority of its assets in the Gulf of Mexico for $205million to an undisclosed buyer.
The company will sell off its stake in its producing assets in the greater Ewing Bank area and in the Petronius and Neptune fields.
Marathon said the buyer will assume all future abandonment obligations for the acquired tests.
The closing date for the transaction is expected at the end of the year.
Earlier this month Marathon Oil said it plans to make a spending cut of around 29% after losses of $749million in the third quarter.
The company said low commodity prices had prompted its move to write down the value of assets.
Marathon, with operations in Texas and Equatorial Guinea, said the company expects total output to grow 7%.
Recommended for you
