Employees and contractors at our Brae platform add profitable production from the North Sea. Other core regions include the U.S., Canada and Equatorial Guinea.
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Marathon assets, such as those in the Bakken and Eagle Ford plays, are indicative of our steady growth and the exciting opportunities that are yet to come.
At Marathon, we realize the importance of being transparent and regularly sharing company and industry information with our customers, employees and stakeholders.
Pablo Ondo Zetmayer, a gas plant operator in Equatorial Guinea, is a prime example of Marathon’s globally diverse workforce, which enjoys worldwide experiences and world-class opportunities.
With a focus on safety, innovation and environmental stewardship, Marathon is among the world’s leading independent exploration and production companies.
Building for the Future with Impact Exploration
Marathon invests selectively in high-impact exploration programs that have the potential for significant value creation. The Company expects to drill 3 to 6 impact exploration wells in 2011 and 10 to 15 per year thereafter.
Key impact exploration activities in 2010 included the major entry into the Iraqi Kurdistan Region (IKR) and geological studies and acquisition of the eleventh onshore exploration license with shale gas potential in Poland. In addition, Marathon participated in frontier exploration drilling offshore Indonesia.
Marathon acquired a position in four exploration blocks in IKR providing access to a total of approximately 368,000 net acres of world-class, underexplored onshore oil assets. The Company has signed production sharing contracts (PSCs) for operatorship and a 100 percent working interest (80 percent ownership) in two open blocks northeast of Erbil - Harir and Safen. The Kurdistan Regional Government holds a fully carried 20 percent interest. Additionally, Marathon has been assigned working interests (WI) in two blocks north-northwest of Erbil - Atrush (20 percent WI) and Sarsang (25 percent WI). The Atrush and Sarsang blocks each had one exploration well drilling in late 2010. These assets give Marathon an opportunity to apply its global operational excellence in drilling, completions and development.
Marathon will conduct field work and initiate a seismic program on its two operated blocks and follow up on non-operated block exploration wells in IKR. There is potential for additional exploration and/or appraisal wells on the non-operated blocks. The Company also has committed to drilling one well on each of its two operated blocks during the initial three-year exploration period.
In Indonesia, Marathon holds approximately 2 million net acres across the Pasangkayu, Bone Bay and Kumawa blocks. Marathon drilled two wildcat wells in the Pasangkayu Block in 2010. The Bravo-1 well was finished in late 2010 and although a thick reservoir section was encountered, no commercial hydrocarbon accumulation was present. Romeo remains prospective and will be fully evaluated in 2011. Romeo has gross unrisked resource potential of 250 to 500 million barrels of oil equivalent.
In Poland, Marathon plans to commence proprietary 2-D seismic surveys in 2011, with initial drilling anticipated to start late in the year.
Following the Deepwater Horizon tragedy in the Gulf of Mexico, Marathon thoroughly assessed its capacity to manage a catastrophic offshore event. Marathon believes the Company and the industry are targeting the right issues to address offshore safety responsibly and effectively. The Company has permits pending for exploration in the Gulf of Mexico. At year-end, there had been no deepwater permits issued to the industry since the Deepwater Horizon incident.
2010 Annual Report on Form 10-K (821KB)- Investor Center >
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Marathon’s commitment to the community is deeply rooted in our core values. Our employee-run Books for Bioko program collects supplies for schools in Equatorial Guinea.
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