Lease Sale Success Emphasizes Marathon's Gulf of Mexico Deepwater Focus
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, announced today. 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."
Marathon Oil Company, part of the USX-Marathon Group (NYSE: MRO) and a unit of USX Corporation, is a large fully integrated oil firm engaged in the worldwide exploration and production of crude oil and natural gas. Through Marathon Ashland Petroleum LLC, the Company also refines, markets and transports petroleum products in the United States. Visit the company's Web site at www.marathon.com or www.usx.com .
SOURCE: Marathon Oil Company
Contact: Roger Holliday or Paul Weeditz, both of Marathon Oil Company,