MORE than 1,000 North Sea workers face an uncertain future today after one of the world’s biggest oil companies announced plans to sell up and leave the UK.
Marathon Oil is putting its British and Norwegian fields up for sale as it aims to focus on the US and cash in on the shale-gas boom across the Atlantic.
The company – which has its British headquarters in Aberdeen – insisted last night that it would be business as usual until the assets were sold.
But last night one industry expert described the announcement as a “concern” for Aberdeen.
CLICK HERE TO READ JEREMY CRESSWELL’S RESPONSE TO THE MARATHON ANNOUNCEMENT
Marathon has had a significant North Sea presence for two decades. It operates the South, Central, North and West Brae fields, as well as holding significant stakes in the East Brae and Braemar fields.
It also operates the Brae-Forties pipeline, and has stakes in the Foinaven field west of Shetland and the Sage pipeline to the huge St Fergus gas terminal.
North Sea expert Colin Welsh, chief executive of Simmons and Co, said Marathon’s departure was worrying.
“Production from Marathon’s North Sea assets is set to decline rapidly next year and will be a drag on the company’s growth aspirations going forward,” he said.
“Redeploying billions from the sale of those assets into their growing US land shale activities is good business for Marathon shareholders – but it’s a concern for the UK because we need to keep as many big players as possible in the region if its full potential is to be exploited.”
But Carri Lockhart, Marathon’s regional vice-president for the UK, insisted little would change until the assets were sold.
“Information meetings were held yesterday with our onshore and offshore employees,” she said.
“In addition, notifications have been made to key external stakeholders.
“There will be no change to our business during this marketing process.
“We will continue with our work as a responsible operator, delivering on our planned projects, including the drilling of new wells in the South Brae Field, and remaining focused on safe and reliable operations,” added Ms Lockhart.
The company has 213 onshore staff at its offices at Hill of Rubislaw in Aberdeen.
It has a further 172 people offshore in UK waters and more than 400 contractors.
It also has 217 North Sea staff in Norway, and 30 more contractors.
Details of the sale were contained within the company’s 2014 business plan.
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