The Annual Equipment of Pipeline and Oil &Gas Storage and Transportation Event
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HOUSTON -- Marathon Oil Corporation (NYSE: MRO) announced today the company has closed on the sale of its UK business, which consists of the Brae area fields and Foinaven, to RockRose Energy PLC. The transaction represents a complete country exit for Marathon Oil.
Final terms of the transaction resulted in consideration payable to a subsidiary of Marathon Oil of approximately $95 million, which reflects the assumption by the buyer of the UK business' working capital and cash equivalent balances of approximately $345 million on Dec. 31, 2018. The transaction has an effective date of Jan. 1, 2019.
At year-end 2018, the Company carried 21.4 MMboe of proved reserves in the UK, and 2018 production averaged approximately 13,000 boed.
Along with the rapid development of China's energy industry, China Oil & Gas Pipeline network is experiencing unprecedented great structure, large-scale construction and giant leap. Read More >
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