Marathon Oil Corporation (NYSE:MRO) leading oil and gas firm, has been allowed by the Regional Government of Kurdistan to extract oil from the Atrush block which is situated about 50 miles northwest of Erbil. The approval is given for the first stage of the project for a time period of 25 years. Marathon Oil which is Houston, Texas-based company has divides its business into three sectors that are International Exploration and Production, North America Exploration and Production, and Oil Sands Mining.
Marathon Oil is hopeful to bore three wells and will also build a facility for processing crude oil. The first half of 2015 Company will start production. At early stage, company will produce at a rate of 30,000 barrels of oil per day.
Currently, Marathon Oil Corporation (NYSE:MRO) is planning to bore the fourth well in the Atrush block. And increase its production in second phase of the project which depends upon government’s approval. The Phase 2 is probably giving an additional production 30,000-bpd.
Marathon Oil KDV BV In the Atrush block, a fully owned associate of Marathon Oil which have a 15% working interest, on the other hand 25% ownership is kept by the Regional Government of Kurdistan.
Additionally, in the Sarsang Block, company owns 25% non-operated working interest. Moreover, the company operates and holds a 45% working interest in the Harir and Safen blocks respectively. All these three blocks are situated in the Kurdistan Region.
Marathon Oil which is Houston, Texas-based company has divides its business into three sectors that are International Exploration and Production, North America Exploration and Production, and Oil Sands Mining.
Presently, Marathon Oil owns #3 Zack rank and it is likely to execute according to broader U.S. equity market in the next few years.
Leave a Reply