HOUSTON, July 6 /PRNewswire-FirstCall/ -- Marathon Oil Corporation
(NYSE: MRO) and its partners, announced today that the Neptune development
in the deepwater Gulf of Mexico has begun production of oil and natural
gas. Neptune is being developed with a tension leg platform installed in
Green Canyon Block 613 at a water depth of 4,250 feet. The facility's
design capacity is 50,000 barrels of oil and 50 million cubic feet of gas
per day.
(Logo: http://www.newscom.com/cgi-bin/prnh/20051027/DATH029LOGO )
"We are pleased to have achieved this milestone with Neptune and look
forward to further field development in the near future," said David E.
Roberts, Jr., Marathon executive vice president of Upstream. "Production
from Neptune will be a significant contributor toward our projected total
company average annual production growth of seven percent between 2007 and
2012."
The facility had recently undergone remediation to strengthen
components inside the hull's pontoons. This work was carried out with the
engineering contractor that designed the hull.
Marathon holds a 30 percent interest in Neptune, along with BHP
Billiton which holds a 35 percent interest and serves as operator, Woodside
Petroleum Limited holds a 20 percent interest, and Maxus (U.S.) Exploration
Company holds a 15 percent interest.
Marathon is an integrated international energy company engaged in
exploration and production; oil sands mining; integrated gas; and refining,
marketing and transportation operations. Marathon, which is based in
Houston, 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.
This news release contains forward-looking statements concerning the
Neptune development and anticipated future development and 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, unforeseen hazards such as weather
conditions, acts of war or terrorist acts and the governmental or military
response thereto, and other geological, operating and economic
considerations. In accordance with the "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 in 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
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Related links:
http://www.marathon.com/
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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; Investor Relations, Howard
Thill, +1-713-296-4140, Chris Phillips, +1-713-296-3213, Michol
Ecklund, +1-713-296-3919, all of Marathon Oil Corporation
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