Marubeni to Acquire Stake in Marathon Oil Asset

Marubeni Denver Julesburg is to acquire an interest in Marathon Oil’s Niobrara shale play within the DJ Basin of south-east Wyoming and northern Colorado, US.

According to the agreement, Marubeni will acquire a 30% working interest in 728km² of land in the DJ Basin for $270m, or $5,000 per square kilometre.

Marathon Oil executive vice-president Dave Roberts said the firm will partner with Marubeni to explore and evaluate the full potential of the emerging, liquids-rich resource play.

“Our significant acreage position in the DJ Basin reinforces our strategy of targeting unconventional, oil-focused resource plays in the US that provide low-risk, scalable growth opportunities, ” said Roberts.

Marathon Oil is acquiring 2D and 3D seismic data and plans to participate in up to 12 gross exploration wells by the end of 2011.

Both firms expect to close the transaction by 28 April 2011.