Norway-based oil exploration and development firm Det norske oljeselskap has agreed to acquire Marathon Oil Norge for NOK12.6bn ($2.1bn).

The acquisition includes the Marathon Oil-operated Alvheim floating production, storage and offloading vessel, ten company-operated licenses and several non-operated licenses on the Norwegian Continental Shelf in the North Sea.

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Marathon Norway’s operational experience from the Alvheim fields adds to Det norske’s exploration and development capabilities.

Upon completion of the acquisition, Det norske will have 202 million barrels of oil equivalent of 2P reserves.

"The sale of our Norway assets advances one of our key 2014 priorities and further demonstrates our commitment to rigorous portfolio management to simplify and concentrate our business."

Marathon Oil said its 2013 net production in Norway averaged around 80,000bpd of oil equivalent.

Subject to regulatory approvals, the transaction is anticipated to be completed in the fourth quarter of 2014.

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Det norske oljeselskap CEO Karl Johnny Hersvik said: "Marathon Norway is an excellent fit for Det norske, given the operational expertise, access to cash flow and the production profile it brings."

Marathon Oil president and CEO Lee Tillman said: "The sale of our Norway assets advances one of our key 2014 priorities and further demonstrates our commitment to rigorous portfolio management to simplify and concentrate our business.

"Since becoming an independent E&P company in 2011, Marathon Oil has executed $6.2bn of strategic divestitures, repositioning the portfolio for future growth and profitability."

In a separate statement, Marathon Oil said after consideration of all bids, it received no acceptable offer for its UK North Sea business and has decided to retain the assets.

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