Marathon Announces Oberon Discovery in Deepwater Angola Block 31
The Oberon discovery well is located approximately 250 miles off the Angolan coast, and is less than 3 miles northeast of the Dione discovery, announced in
The well was drilled in about 5,300 feet of water, to a total measured depth of more than 12,300 feet. Oil-bearing reservoirs were encountered in the Oligocene section. The well test results confirmed the capacity of the reservoir to flow in excess of 5,000 barrels per day.
Located in the northeast sector of Block 31, the PSVM development is proceeding with first production targeted in 2012.
The concessionaire of Block 31 is Sonangol, Angola’s state-owned oil company. Marathon holds a 10 percent interest in Block 31. The operator is BP Exploration (
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
This news release contains forward-looking statements concerning the possibility of a significant new resource base and the PSVM deepwater oil development project including the timing of production. 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, presently known data concerning size and character of reservoirs, economic recoverability, future drilling success, production experience, acts of war or terrorist acts and the governmental or military response thereto, and other operating 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
Media Relations Contacts: Lee Warren 713-296-4103 Leslie Hiltabrand 713-296-4102 Investor Relations Contacts: Howard Thill 713-296-4140 Chris Phillips 713-296-3213
SOURCE Marathon Oil Corporation