Marathon Oil Corporation announces that its subsidiary, Marathon International Petroleum Angola Block 31 Limited, has participated in the deepwater Oberon discovery well in the southern area of Block 31 offshore Angola. Oberon is Marathon's 30th discovery on Angola Blocks 31 and 32.
The Oberon discovery well is located approximately 250 miles off the Angolan coast, and is less than 3 miles northeast of the Dione discovery, announced in October 2008.
The well was drilled in about 5,300 feet of water, to a total measured depth of more than 12,300 feet. Oil-bearing reservoirs were encountered in the Oligocene section. The well test results confirmed the capacity of the reservoir to flow in excess of 5,000 barrels per day.
Located in the northeast sector of Block 31, the PSVM development is proceeding with first production targeted in 2012.
The concessionaire of Block 31 is Sonangol, Angola's state-owned oil company. Marathon holds a 10 percent interest in Block 31. The operator is BP Exploration (Angola) Limited with 26.67 percent. The other interest owners are Esso Exploration and Production Angola (Block 31) Limited with 25 percent, Sonangol P&P with 20 percent, Statoil Angola A.S. (a subsidiary of StatoilHydro ASA) with 13.33 percent, and TEPA (BLOCK 31) LIMITED, a subsidiary of the Total Group with 5 percent.
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