HOUSTON -- Marathon Oil Corp. has signed an agreement for the sale of its operated producing properties in the greater Ewing Bank area and non-operated producing interests in Petronius and Neptune fields in the Gulf of Mexico for $205 million.

The buyer will assume all future abandonment obligations for the acquired assets. These assets represent a majority of the company's operated and non-operated producing properties in the Gulf of Mexico. The effective date of the transaction is Jan. 1, 2015. Closing is expected before year-end.

Marathon Oil will retain its interests in certain other producing assets and acreage in the Gulf of Mexico, as well as its interests in the Gunflint development and Shenandoah discovery.