HOUSTON, Aug. 1 /PRNewswire-FirstCall/ -- Marathon Oil Corporation
(NYSE: MRO) and its partners announced today that production has begun at
the partner operated Vilje development offshore Norway, through a subsea
tie-back to the Marathon operated Alvheim floating production, storage and
offloading (FPSO) vessel.
Vilje is being developed with two production wells in block 25/4 on the
Norwegian Continental Shelf, and will be a significant contributor to the
Alvheim FPSO reaching its maximum production capacity.
"We are delighted to have the Vilje development onstream, providing
another stage in the Company's defined production growth," said Kristin
Farovik, managing director, Marathon Petroleum Company (Norway), a wholly
owned subsidiary of Marathon. "The combined Alvheim/Vilje development is
expected to reach a rate of 75,000 net (120,000 gross) barrels of oil
equivalent per day by the first quarter 2009. We are currently developing
the nearby Marathon operated Volund discovery and expect to tie this into
the Alvheim FPSO during 2009, as capacity becomes available. In addition,
we have several exploration prospects in the area with the potential to
sustain a longer peak production for the Alvheim FPSO."
Marathon holds a 46.9 percent interest in Vilje, along with
StatoilHydro Petroleum AS (operator) which holds a 28.9 percent interest,
and TOTAL E&P Norge AS which holds a 24.2 percent interest.
Marathon holds a 65 percent operated interest in Alvheim field, and
associated FPSO, which began operations in June and has already shown
strong production performance. The Alvheim FPSO has a nameplate capacity of
120,000 barrels per day of oil and 125 million cubic feet per day of
natural gas with total storage capacity of 560,000 barrels of oil.
Throughput capacity is expected to reach as much as 134,000 barrels per
day. Located about 140 miles (224 kilometers) from Stavanger, Norway, the
Alvheim development includes subsea infrastructure consisting of four drill
centers and associated flow lines. The development provides for the
transportation of produced oil by shuttle tanker, and transportation of
produced natural gas to the existing U.K. SAGE system using a new 14-inch,
24-mile cross border pipeline. The Alvheim purpose-designed FPSO vessel
takes advantage of the latest technology for low emission gas turbines -- a
first for the Norwegian Continental Shelf.
Marathon has a 65 percent interest in Volund and serves as operator,
while Lundin Norway AS holds the remaining 35 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 release contains forward-looking statements with respect to the
Alvheim/Vilje development and expected production from these fields. 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. 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: Paul Weeditz 713-296-3910
Emma White +44 1224 803020
Hanne Forssell +47 51506315
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: Paul Weeditz,
+1-713-296-3910, Emma White, +44 1224 803020, or Hanne Forssell,
+47 51506315; Investor Relations: Howard Thill, +1-713-296-4140,
Chris Phillips, +1-713-296-3213, or Michol Ecklund
+1-713-296-3919
|
