| |
Marathon Announces Eighth Deepwater Discovery on Angola Block 31
Posted: 15 August 2005
 Send this article
Marathon Oil Corporation announced that its subsidiary, Marathon International Petroleum Angola Block 31 Limited, has participated in the eighth deepwater discovery on Block 31 offshore Angola. This marks the eleventh discovery in Marathon's deepwater exploration program on Blocks 31 and 32 which began in 2001.
The results of the Astraea well, along with the three other discoveries (Ceres, Palas and Juno) previously made in the southeastern part of Block 31, reinforce the likelihood of a second development area on the block.
The Astraea-1 discovery well was drilled in the southeastern part of Block 31 approximately 60 kilometers (36 miles) southeast of the planned Northeast Development Area where four previous discoveries were made (Plutao, Saturno, Marte and Venus). The Astraea-1 well is located approximately 165 kilometers (103 miles) off the Angolan coast in 1,496 meters (4,908 feet) of water. The well was drilled to a total depth of 3,840 meters (12,598 feet) and tested at a maximum rate of 6,513 barrels of oil per day.
The concessionaire of Block 31 is Sonangol, Angola's state-owned oil company. Marathon holds a 10 percent interest in Block 31, along with the operator BP Exploration Angola with 26.67 percent, Sonangol, E.P. with 20 percent, Esso Exploration and Production Angola (Block 31) Limited with 25 percent, Statoil Angola A.S. with 13.33 percent and TEPA (Block 31) Ltd. (a member of the TOTAL group) with 5 percent.
This news release contains forward-looking statements concerning the possibility of a significant new resource base. These forward-looking statements may be affected by a number of factors or are based on a number of assumptions, including, among others, pricing, supply and demand for petroleum products, amount of capital available for exploration and development, regulatory constraints, timing of commencing production from new wells, drilling rig availability, unforeseen hazards such as weather conditions, presently known data concerning size and character of reservoirs, economic recoverability, future drilling success, production experience, acts of war or terrorist acts and the governmental or military response thereto, and other operating considerations. In accordance with "safe harbor" provisions of the Pr ivate Securities Litigation Reform Act of 1995, Marathon Oil Corporation has included in its Annual Report on Form 10-K for the year ended December 31, 2004, and in subsequent Forms 10-Q and 8-K, cautionary language identifying important factors, though not necessarily all such factors, that could cause future outcomes to differ materially from those set forth in the forward-looking statements.
Posted by Editor Pipeline Magazine
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Reflex Publishing ME FZ LLC.
Send press release to info@pipelinedubai.com |
|
