HOUSTON, June 24 /PRNewswire-FirstCall/ -- Marathon Oil Corporation
(NYSE: MRO) announced today that it has exercised a two-year option
extension on its contract for the Noble Jim Day drilling rig, expected to
commence drilling operations in the deepwater Gulf of Mexico in the first
quarter of 2010.
The original commitment was announced in March 2007 and the contract
was signed in August 2007 with an initial two-year term. The option will
extend the contract to 2014.
"We're encouraged by the acreage and quality of prospects that Marathon
captured in the two recent Gulf of Mexico lease sales. This contract
extension with Noble will provide ongoing rig availability to satisfy and
fully execute our long-term deepwater Gulf exploration program, as well as
additional appraisal and development activity that might be considered in
the future," said David E. Roberts, Marathon executive vice president,
Upstream. "Additionally, we believe it is a prudent step to lock-in
competitive, long- term rates in a rapidly evolving deepwater rig market."
Marathon currently has two rigs under contract in the Gulf, with plans
to drill about three significant exploration wells a year through 2010,
along with a number of development wells associated with the Droshky
discovery which is expected to be sanctioned later this year. Marathon
holds a 100 percent working interest in the Droshky discovery located on
Green Canyon Block 244. Additionally, at the recent October 2007 and March
2008 lease sales, the Company was high bidder and expects to add interests
in a total of 42 blocks, ranging in water depths up to 8,350 feet.
The Noble Jim Day will be a dynamically positioned semi-submersible rig
capable of working in water depths up to 12,000 feet. The estimated
contract commitment amounts to approximately $750 million over the full
four-year period.
Marathon is an integrated international energy company engaged in
exploration and production; oil sands mining; integrated gas; and refining,
marketing and transportation operations. Marathon has principal operations
in the United States, Angola, Canada, Equatorial Guinea, Gabon, Indonesia,
Ireland, Libya, Norway and the United Kingdom. Marathon is the fourth
largest United States-based integrated oil company and the nation's fifth
largest refiner. For more information, visit the Company's Web site at
http://www.marathon.com .
This news release contains forward-looking statements concerning the
Droshky discovery and anticipated future exploratory drilling activity.
These forward-looking statements may be affected by a number of factors or
are based on a number of assumptions, including, among others, pricing,
supply and demand for petroleum products, amount of capital available for
exploration and development, regulatory constraints, timing of commencing
production from new wells, drilling rig availability, unforeseen hazards
such as weather conditions, future drilling success, and other geological,
operating and economic considerations. In accordance with "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995,
Marathon Oil Corporation has included in its Annual Report on Form 10-K for
the year ended December 31, 2007, and subsequent Forms 10-Q and 8-K,
cautionary language identifying other important factors, though not
necessarily all such factors, that could cause future outcomes to differ
materially from those set forth in the forward- looking statements.
Media Relations Contacts: Lee Warren 713-296-4103
Scott Scheffler 713-296-4102
Investor Relations Contacts: Howard Thill 713-296-4140
Chris Phillips 713-296-3213
Michol Ecklund 713-296-3919
SOURCE Marathon Oil Corporation
 back to top
Related links:
http://www.marathon.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20051027/DATH029LOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Media Relations, Lee Warren, +1-713-296-4103,
or Scott Scheffler, +1-713-296-4102, or Investor Relations,
Howard Thill, +1-713-296-4140, or Chris Phillips,
+1-713-296-3213, or Michol Ecklund, +1-713-296-3919, all of
Marathon Oil Corporation
|
