HOUSTON, July 6 /PRNewswire-FirstCall/ -- Marathon Oil Corporation and its partners, announced today that the Neptune development in the deepwater Gulf of Mexico has begun production of oil and natural gas. Neptune is being developed with a tension leg platform installed in Green Canyon Block 613 at a water depth of 4,250 feet. The facility's design capacity is 50,000 barrels of oil and 50 million cubic feet of gas per day.
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"We are pleased to have achieved this milestone with Neptune and look forward to further field development in the near future," said David E. Roberts, Jr., Marathon executive vice president of Upstream. "Production from Neptune will be a significant contributor toward our projected total company average annual production growth of seven percent between 2007 and 2012."
The facility had recently undergone remediation to strengthen components inside the hull's pontoons. This work was carried out with the engineering contractor that designed the hull.
Marathon holds a 30 percent interest in Neptune, along with BHP Billiton which holds a 35 percent interest and serves as operator, Woodside Petroleum Limited holds a 20 percent interest, and Maxus (U.S.) Exploration Company holds a 15 percent interest.
Marathon is an integrated international energy company engaged in exploration and production; oil sands mining; integrated gas; and refining, marketing and transportation operations. Marathon, which is based in Houston, has principal operations in the United States, Angola, Canada, 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.
This news release contains forward-looking statements concerning the Neptune development and anticipated future development and drilling activity. 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, unforeseen hazards such as weather conditions, acts of war or terrorist acts and the governmental or military response thereto, and other geological, operating and economic considerations. In accordance with the "safe harbor" provisions of the Private 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, 2007, and in subsequent Forms 10-Q and 8-K, cautionary language identifying other 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.
Media Relations Contacts: Lee Warren 713-296-4103 Scott Scheffler 713-296-4102 Investor Relations Contacts: Howard Thill 713-296-4140 Chris Phillips 713-296-3213 Michol Ecklund 713-296-3919
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