HOUSTON, Texas, July 28 /PRNewswire-FirstCall/ -- Marathon Oil
Corporation (NYSE: MRO) announced today that its subsidiary, Marathon
International Petroleum Angola Block 31 Limited, and its co-venturers have
received approval from Sociedade Nacional de Combustiveis de Angola -
Sonangol E.P. to proceed with the first deepwater oil development project
on Angola Block 31, comprised of the Plutao, Saturno, Venus and Marte
(PSVM) fields. Marathon's Board of Directors approved the project earlier
this year.
PSVM will be the first of multiple developments anticipated in Block
31. Located in the northeast sector of the block, about 250 miles northwest
of Luanda, Angola, in a water depth of approximately 6,500 feet, PSVM will
utilize a floating, production, storage and offloading (FPSO) vessel. Key
contracts are ready to be awarded and construction work is expected to
begin later this year. Peak gross production of about 150,000 barrels per
day is targeted in 2012. A total of 48 production, gas and water injection
plus infill wells are planned.
"The development of PSVM is an important step in advancing Angola as a
new core area of operations for Marathon," said David E. Roberts, Jr.,
Marathon executive vice president of Upstream. "As the first in an
anticipated series of deepwater development projects on Block 31, and
potentially on Block 32, PSVM is part of Marathon's strong upstream
portfolio of opportunities that form the basis for our defined production
growth through 2012 and beyond, as we continue to convert Marathon's
significant discovered resource base to proved reserves and production."
Since 2001, Marathon's deepwater exploration program in Angola has
generated a total of 27 discoveries and three successful appraisal wells on
Blocks 31 and 32. Marathon holds a 10 percent working interest in Block 31,
along with the operator BP Exploration (Angola) Limited with 26.67 percent,
Sonangol, E.P. with 20 percent, Esso Exploration and Production Angola
(Block 31) Limited with 25 percent, Statoil Angola A.S. with 13.33 percent
and TEPA (Block 31) Limited with 5 percent. Sonangol E.P. is the
concessionaire.
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 release contains forward-looking statements with respect to a
deepwater oil development project including the timing and levels of
production, and other potential developments in Angola. Some factors that
could potentially affect these forward-looking statements include pricing,
supply and demand for petroleum products, the 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, acts of war or terrorist acts and the
governmental or military response thereto, and other geological, operating
and economic considerations. Other potential developments in Angola may be
further affected by the inability or delay in obtaining government and
third-party approvals and permits. The foregoing factors (among others)
could cause actual results to differ materially from those set forth in the
forward- looking statements. 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 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
Paul Weeditz 713-296-3910
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/
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20051027/DATH029LOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Media, Lee Warren, +1-713-296-4103, or Paul
Weeditz, +1-713-296-3910, or Investors, Howard Thill,
+1-713-296-4140, or Chris Phillips, +1-713-296-3213, or Michol
Ecklund, +1-713-296-3919
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