Island Oil & Gas considers Marathon's Irish assets

Feb. 26, 2008
Island Oil & Gas reported it is interested in acquiring Marathon Oil Corp.'s Irish assets to boost its portfolio, reduce costs, and enhance Ireland's participation in major strategic projects.

Uchenna Izundu
International Editor

LONDON, Feb. 26 -- Island Oil & Gas PLC reported it is interested in acquiring Marathon Oil Corp.'s Irish assets to boost its portfolio, reduce costs, and enhance Ireland's participation in major strategic projects.

Last week Marathon, which operates Kinsale Head and Ballycotton gas fields, said it would review its Irish business assets and sell them if it received an acceptable offer. Marathon also owns an 18.5% stake in the Corrib field and 86.5% share in Seven Heads gas field.

Island said it was interested in buying all or part of Marathon's assets. "A successful acquisition of these assets involving Island Oil and Gas would see the first Irish involvement in the Corrib gas field development and the potential for the Strategic National Gas Reserve to be provided by an Irish company," said Island Chief Executive Officer Paul Griffiths.

Other companies also believed to be interested in buying Marathon's assets include StatoilHydro, Royal Dutch Shell PLC, and Ireland's state-held gas concern Bord Gais.

Marathon said it would remain committed to its Irish operations if a satisfactory offer failed to emerge.

Contact Uchenna Izundu at [email protected].