Marathon Oil Announces Discovery in the Kurdistan Region of Iraq

abarrelfull wrote on 14 Apr 2011 22:01
Tags: iraq marathon upstream

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Marathon Oil Corporation (NYSE: MRO) announced today that its subsidiary, Marathon Petroleum KDV B.V., has participated in the Atrush-1 discovery well, located approximately 55 miles northwest of Erbil in the Kurdistan Region of Iraq.

The Atrush-1 well was drilled to a total depth of approximately 11,000 feet, and encountered 400 feet of net pay in the Jurassic zones. Drill stem tests were conducted to establish reservoir pressure gradients, fluid content and properties, and reservoir deliverability. Flow rates were established totaling more than 6,000 barrels of oil per day (bopd) from three horizons. The flow rates were limited by tubing sizes and testing equipment.

Marathon holds a 20 percent interest in the Atrush block. The well was operated by the joint-venture company General Exploration Partners, Inc., a subsidiary of Aspect Holdings, LLC and ShaMaran Petroleum, Inc., which holds an 80 percent working interest in the block.

Marathon is the fourth largest U.S.-based integrated international energy company and is engaged in exploration and production; oil sands mining; integrated gas; and refining, marketing and transportation operations. On Jan. 13, 2011, Marathon's Board of Directors announced that it approved moving forward with plans to spin off Marathon's downstream business, creating two independent, highly focused energy companies. Marathon Petroleum Corporation, to be headquartered in Findlay, Ohio, is expected to be the fifth largest U.S. refiner with a top-tier downstream portfolio of strategically aligned assets concentrated mainly in the Midwest, Gulf Coast and Southeast regions of the U.S. Marathon Oil Corporation, which will remain based in Houston, will be a global exploration and production company with a strong portfolio of assets delivering defined growth leveraged to crude oil production with exploration upside. Marathon Oil Corporation currently has principal operations in the United States and Angola, Canada, Equatorial Guinea, Norway, the United Kingdom and other international locations. For more information please visit the Company's website at http://www.Marathon.com.

• Marathon Oil Announces Discovery in the Kurdistan Region of Iraq

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