Marathon Finally Exits Atrush

The lengthy saga of US firm Marathon’s exit from Iraqi Kurdistan has finally been concluded with an agreement for the sale of its 15% stake in the 30,000 b/d Atrush field (Taqa 39.9%op, Shamaran 20.1%, Marahthon 15%, KRG 25%). Marathon had agreed to sell it to Canada’s Shamaran for $60mn in June ( MEES, 15 June 2018 ), but Emirati operator Taqa blocked the deal in November much to Shamaran’s ire ( MEES, 23 November 2018 ).

Shamaran slammed “Taqa’s unreasonable refusal to provide consent” but the pair have evidently put aside their differences. They have partnered up to each purchase 7.5% of Atrush from Marathon, Shamaran announced on 27 December. Technically, Shamaran will purchase Marathon’s 15% stake for $63mn before selling half of this to Taqa. (CONTINUED - 168 WORDS)