The stock falls
HOUSTON (AP) - Marathon Oil Corp. (NYSE:MRO) has participated in a new deepwater oil discovery offshore Angola, the oil and petroleum products company said Monday.
The well flowed at a rate of 5,400 barrels of oil per day during testing. The discovery, called Alho, is located about 100 miles off the Angolan coast in 5,273 feet of water. The well was drilled to a depth of 16,343 feet.
The Alho discovery is the eleventh on Block 32 and the 26th overall discovery in Marathon's deepwater exploration program on Blocks 31 and 32 which began in 2001.
Sonangol, Angola's state-owned oil company controls Block 32. Marathon and Total SA (NYSE:TOT) each hold a 30 percent interest; Sonangol holds 20 percent; Exxon Mobil Corp. (NYSE:XOM) holds 15 percent; and Petrogal SA holds 5 percent.
By Bloomberg News | August 1, 2007
CALGARY, Alberta -- Marathon Oil Corp., the biggest refiner in the US Midwest, agreed to buy Canada's Western Oil Sands Inc. for $5.46 billion, gaining access to crude deposits that may be the largest outside of Saudi Arabia.