Marathon Oil is selling its operations in Norway to local competitor, Det norske oljeselskap, for $2.1 billion, the company announced on Monday.
The deal will boost Det norske’s production capacity in Norway, where its current primary asset is a share in the future North Sea Johan Sverdrup field.
After closing the sale, Det norske’s production will be around 84,000 boed in 2013 in Norway.
The sale includes “the Marathon Oil-operated Alvheim floating production, storage and offloading vessel, 10 company-operated licenses and a number of non-operated licenses on the Norwegian Continental Shelf in the North Sea,” according to a statement from the American company.
Det norske will also take possession of Marathon’s 136 million boed in proved and probable reserves.
Editor’s note: An earlier version of this story contained an incorrect reference to Marathon Petroleum Corp. instead of Marathon Oil. We apologize for the error.