Marathon Oil Corp. has closed the transaction with Det norske oljeselskap ASA for the sale of Marathon Oil Norge AS for a total transaction value of $2.7 billion. The effective date of the transaction is Jan. 1, 2014.

The Norway sale includes the operated Alvheim FPSO vessel, 10 company-operated licenses and a number of nonoperated licenses on the Norwegian Continental Shelf in the North Sea, according to a press release. Full-year 2013 net production in Norway averaged about 80,000 boe/d.