Marathon reported that first production from three major development projects is targeted for 2008. Those include Neptune in the Gulf of Mexico, and Alvheim and Vilje in Norway. Two projects slated for sanction in 2008 are: the Droshky development project in the Gulf of Mexico, with first production targeted for the 2010 to 2011 timeframe; and the Angola Block 31 Northeast development, with first production targeted for 2012.
For 2008, the Company said it expects worldwide net upstream production will be in the range of 380,000 - 420,000 BOE per day, excluding sales and acquisitions. Additionally, net bitumen production from the Canadian oil sands is expected to be about 30,000 barrels per day.
Marathon said its 2007 to 2012 upstream production growth is driven by high confidence in its base asset performance, greater certainty in the contributions from U.S. resource plays, and major development projects that are either already producing or will commence production in 2008.
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