Egypt’s Ministry of Petroleum and Mineral Wealth signed two agreements for oil and gas exploration in the Gulf of Suez region and the Western Desert on Monday with an aim to increase Egypt’s daily output and reserve replacement rates to supply the local market’s energy needs.

Marathon sells off assets

HOUSTON, April 12, 2016 – Marathon Oil Corporation raised its sales through divestitures to some USD 1.3 billion since August 2015, with divestment of several non-core assets totalling USD 950 million announced late on Monday.

The company’s upstream and midstream assets in Wyoming, including a 917-km pipeline, will change hands for USD 870 million. Sold to an undisclosed buyer, the assets across the Big Horn and Wind River basins produced 16,500 boepd during the first quarter of 2016, mainly through waterflooding. The agreement for the sale is expected to be finalised in mid-2016.

Marathon Oil also shed a Colorado gas asset, undeveloped acreage in West Texas and a 10% working interest in the Gulf of Mexico’s Shenandoah discovery, representing a combined value of around USD 80 million. The company had intended to shed between USD 750 million and USD 1 billion in non-core assets.

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