Marathon Oil said yesterday it had agreed to sell its wholly owned subsidiary Marathon Oil Ireland to Star Energy, which is owned by Malaysian national oil company Petronas, for about £118million.
It said the deal did not include Marathon’s 18.5% interest in Shell’s Corrib gas development off the west coast of Ireland.
The Irish firm’s assets include a 100% interest in the Kinsale Head area comprising the Kinsale Head, South West Kinsale and Ballycotton gas fields, plus an 86.5% stake in the gas-producing Seven Heads field and a 100% interest in a gas-storage business.
Daily net production from these operations is about 36million cu ft of gas.