The U.K.'s RockRose Energy has reached a deal to purchase two subsidiaries of American energy firm Marathon Oil that operate in the North Sea, the company announced Monday.
The agreement also represents a full exit for Marathon Oil from the U.K.
The independent oil and gas company said in a statement that it would pay approximately $140 million to acquire 100 percent shares of both Marathon Oil U.K. LLC and Marathon Oil West of Shetland Limited.
The deal is anticipated to add daily production of 13,000 barrels of oil equivalent (boe) in 2019, and to push RockRose's total estimated production to 24,000 boe per day.
Marathon Oil U.K. LLC holds between 37 and 40 percent interests in fields operated in the Greater Brae area located in offshore northeast Scotland.
Marathon Oil West of Shetland Limited holds a 28 percent interest in the BP-operated Foinaven Field located offshore north Scotland, and a 47 percent interest in Foinaven East.
"This acquisition marks a major step change in the Group's reserves and production profile," RockRose Executive Chairman Andrew Austin said in a statement.
Lee Tillman, Marathon Oil chairman, president and CEO, said in a separate statement that the company would focus on "high return U.S. resource plays."
Marathon Oil said it had a total of 21.4 million boe proved reserves in the U.K. at the end of 2018.
The company has been decommissioning the Brae Area, which started production in 1983, for some time.
By Ovunc Kutlu