Braemar Field Development Plan Receives DTI Approval

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Aug. 14 2002

Marathon Oil U.K., Ltd, a wholly-owned subsidiary of Marathon Oil Corporation (NYSE: MRO), announced today that the UK Department of Trade and Industry (DTI) has approved the development plan for the Braemar Field and the Brae-Miller Link Line in the UK North Sea.

Braemar is a gas and condensate reservoir located in UK Continental Shelf Block 16/3c in the Central North Sea some 315 kilometres northeast of Aberdeen in a water depth of approximately 125 meters. Gas and condensate will be produced from a single subsea wellhead and transported in an insulated pipe-in-pipe flowline to the Marathon-operated East Brae platform 12 kilometers away where the gas and liquids will be processed. Liquids will be delivered from East Brae to the Forties pipeline system for transportation ashore.

First production is expected in the fourth quarter of 2003 at an initial gross rate of approximately 46 million cubic feet of gas per day (mmcf/d) and 4,000 barrels of condensate.

Braemar gas has been contracted to the Miller Group and will be delivered to the Miller platform under a gas swap agreement between the Braemar and Brae owners. A new 9-kilometer, 16-inch Brae-Miller Link Line will be laid from the Brae B platform to the BP-operated Miller platform for this purpose.

Marathon will manage the design, construction, installation and tie-in of the Link Line which will be operated by BP and which is scheduled for completion in the third quarter 2003. The Brae-Miller Link Line will have a capacity of 380 mmcf/d.

Commenting on DTI approval, Les Thomas, President of Marathon Oil U.K., Ltd, the operator of Braemar, said, "The Braemar development will enhance the value and life of the Brae area by providing the means to bring another gas condensate field into commercial production. The Brae-Miller Link Line will provide a connection between the SAGE and Miller gas systems providing additional options for the future. The development is complementary to Marathon's strategy to use existing infrastructure to build an integrated gas
business in Europe."

The Braemar Field, discovered in 1985, has estimated recoverable reserves and resources of 107 billion cubic feet of gas and nine million barrels of liquids. Marathon is operator of Braemar and holds a 26-percent interest in the development. The remaining interests are held by BP Exploration Operating Company Limited (52 percent), Talisman Energy (UK) Ltd (10 percent), Kerr-McGee Oil (UK) PLC (5 percent), Burlington Resources (UK) Inc. (4 percent), and Lundin North Sea Limited (3 percent).

Partners in the Brae-Miller Link Line are: BP Exploration Operating Company Limited (40.5 percent), Marathon Oil U.K., Ltd. (19.3 percent), Conoco (U.K.) Limited (15 percent), Saxon Oil Miller Limited (Enterprise Oil plc) (9 percent), Talisman Energy (UK) Limited (7 percent), Kerr-McGee Oil (U.K.)
PLC (4 percent), Burlington Resources (U.K.) Inc (3.2 percent), and Lundin North Sea Limited (2 percent).

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