Marathon Oil Company's focus on high impact deepwater exploration opportunities was further emphasized by successful bids in the Gulf of Mexico Outer Continental Shelf 181 lease sale. Marathon was successful on 14 of the 16 bids it submitted, resulting in a total net exposure of $28 million. Marathon will operate the majority of these blocks, with working interest ranging from 50 to 100%. The bids are subject to award by the Minerals and Management Service.
Phil Behrman, Marathon's senior vice president of Worldwide Exploration said: "We are very pleased with the outcome of the latest lease sale. The Gulf of Mexico is a core production business unit for Marathon and a strategic exploration focus area. This new acreage complements our existing portfolio of deepwater prospects in the Gulf."