Marathon Apparent High Bidder on 27 Blocks in GOM Lease Sale 205
Marathon Oil was the apparent high bidder on 27 blocks offered in the federal Outer Continental Shelf Lease Sale No. 205 conducted by the Minerals Management Service (MMS). Representing a total investment of $221.7 million net to the Company, 13 blocks are 100 percent Marathon and the remaining 14 blocks were bid in conjunction with partners. The blocks cover approximately 153,000 acres (gross) in the deepwater Gulf of Mexico, ranging in water depths from approximately 1,450 feet to 8,350 feet.
"These new leases will compliment our current portfolio of prospects and further strengthen Marathon's exploration commitment in the deepwater Gulf of Mexico," said Phil Behrman, senior vice president Worldwide Exploration for Marathon.
During the second quarter of 2007, Marathon announced the Droshky discovery (100 percent working interest) in the Gulf of Mexico. In addition, Marathon entered into a two-year contract for a new deepwater semi submersible drilling rig for Gulf of Mexico activity, which should commence in late 2009 or early 2010. During the fourth quarter of 2007, Marathon plans to commence an exploration well on the Flathead Prospect (100 percent working interest) and will participate in an appraisal well on the Stones discovery (30 percent working interest).
Marathon is an integrated international energy company engaged in exploration and production; integrated gas; and refining, marketing and transportation operations. Marathon has principal operations in the United States, Angola, Equatorial Guinea, Gabon, Indonesia, Ireland, Libya, Norway and the United Kingdom. Marathon is the fourth largest United States-based integrated oil company and the nation's fifth largest refiner.
Operates 4 Offshore Rigs
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