Title : MRO To Sell Its UK North Sea Assets To Focus US Shale -- February 25, 2019
link : MRO To Sell Its UK North Sea Assets To Focus US Shale -- February 25, 2019
MRO To Sell Its UK North Sea Assets To Focus US Shale -- February 25, 2019
Shale is a "retirement party, not a revolution." -- Art Berman. So, today, it is being reported that Marathon Oil is exiting the UK North Sea to focus on high-return US shale oil operations. Data points:- MRO holds interests in the Greater Brae Area; the Foinaven Field unit; and in Foinaven East
- all assets, including decommissioning liability, will be transferred to a third party
- price of the sale: $140 million
- MRO's play in UK North Sea
- production averaged 13,000 boepd at the end of 2018
- proved reserves: 21.4 million bbls
- last year, MRO sold its 16% non-operated in Libya to Total for $450 million
- earlier this month (February, 2019) MRO said it would allocate 95% of its CAPEX to four key US plays: the Bakken, the Eagle Ford, STACK/SCOOP, and northern Delaware in the Permian
- in the US, MRO
- production averaged 295,000 boepd at the end of 2018
- oil production at 174,000 bopd, up 22% from 4Q17
- for 2019, MRO expects total oil production to rise by 10%; US oil growth at 12%
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Back to the Bakken
Active rigs:
$55.44 | 2/25/2019 | 02/25/2018 | 02/25/2017 | 02/25/2016 | 02/25/2015 |
---|---|---|---|---|---|
Active Rigs | 66 | 57 | 40 | 39 | 121 |
Six new permits:
Operator: Slawson
Field: Big Bend
Comments: Slawson has permits for a 6-well Stallion/Zephyr pad in lot 3, section 1-151-93;
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