Marathon selling its JV interest off the Netherlands to Burlington

May 20, 2003
Burlington Resources Inc. agreed to acquire the remaining 50% interest, which it did not already own, in Clam Petroleum BV from its joint venture partner, Marathon Oil Corp, Houston, for $100 million.

By OGJ editors

HOUSTON, May 20 -- Burlington Resources Inc., Houston, agreed to acquire the remaining 50% interest, which it did not already own, in Clam Petroleum BV from its joint venture partner, Marathon Oil Corp, Houston, for $100 million.

Clam operates 25 natural gas fields in the North Sea off the Netherlands. Those fields provided net sales of 25 MMcfd in 2002.

The transaction is expected to close by May 31. Marathon said it will use the proceeds from the sale to pay down debt and make other investments.

The sale is part of Marathon's previously announced plan to sell its non-core assets, both upstream and downstream, to strengthen its balance sheet. The company expects to raise more than $700 million from 2003 divestitures.