Marathon Oil Looking to Sell Stake in Athabasca Oil Sands Project

The Financial Post reported that Marathon Oil Corp. (NYSE:MRO) is in talks to sell part of its 20 percent stake in the Athabasca Oil Sands project. After completing the sale, the company will focus on its more profitable assets.

As quoted in the market news:

This month, sources with knowledge of the matter told Reuters that Indian state-run exploration company Oil and Natural Gas Corp planned to approach Marathon about buying half of its interest in the Athabasca Oil Sands Project in northern Alberta.

A spokeswoman for Marathon declined to comment on the oil sands negotiations.

Marathon, which spun off its refining business last year, has said it expects to raise up to US$3-billion in asset sales through 2013. So far, it said, it has agreements totaling US$1.1-billion.

Click here to read the full Financial Post report.