Houston, Texas-based Marathon Oil Corporation announced on Monday that it is selling off the majority of its offshore assets in the Gulf of Mexico to unidentified buyers for $205m.
These assets comprise the company’s operated producing properties in the greater Ewing Bank area and its non-operated producing interests in the Petronius and Neptune fields.
Monday’s announcement follows last week’s third-quarter figures when Marathon Oil reported a net loss of $749 million.
Marathon’s strategy now is focused on cost reductions in this period of slumping crude prices.
The company’s remaining interests in the Gulf of Mexico include parts of the Gunflint development and the Shenandoah discovery.