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According to a press release, Marathon Oil Corporation (NYSE: MRO) finalized the sale of its badets in Kurdistan on Friday, as it seeks to divest substantially all of its oil activities abroad for focus on its activities in the United States.
Marathon Oil held a 15% stake in the Atrush block in the Kurdistan region of Iraq, and represents its only stake in the country.
Although the project is modest and yields 2,400 barrels of oil equivalent per day, this output reflects Marathon's increased willingness to strengthen its operations in the United States, with 9 countries in total since 2013. The tenth country that Marathon will leave is the UK, which is expected to close in the second half of 2019 when RockRose Energy will buy back Marathon Oil's stake in Marathon Oil UK LLC and Marathon Oil West of Shetland Limited, generating a total of 13,000 barrels per day
Marathon Oil also left Libya, a hot spot that ravished foreign oil companies because of civil unrest.
The program expects Marathon Oil to invest more in its country, injecting billions into Eagle Eagle, Bakken, STACK / SCOOP in Oklahoma and Permian. Marathon's US production for the first quarter of 2019 was 388,000 bpd versus 426,000 bpd in the first quarter of 2018.
Marathon plans to allocate 60% of its capital in 2019 to the Eagle Ford and Bakken games and 40% to the north of Delaware (in the Permian) and Oklahoma, with a larger portion of the capital allocated to more mature badets. According to Marathon Oil CEO Lee Tillman, in an interview with the Houston Chronicle earlier this month, he is practicing in the Permian, where current pipeline constraints are creating complications.
As Marathon Oil returns to the United States for oil, Marathon Oil Corp still has LNG activities in Equatorial Guinea, which, with Noble Energy, will create a mega hub for LNG in the country.
By Julianne Geiger for Oilprice.com
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