Marathon and Partners Announce First Oil from Volund Field Offshore Norway
STAVANGER,
"This is a very proud day for Marathon as it marks completion of our second major field development project in
"Current oil production from the Alvheim FPSO is approximately 140,000 gross barrels per day (bpd), which is about 20,000 bpd greater than nameplate capacity -- another great success story," Faerovik said. "This exceptional performance means that the facility is already being fully utilized, resulting in the first Volund well functioning as a swing producer until there is some natural decline in the Alvheim fields, likely by the middle of 2010."
The Volund field is expected to reach a peak oil production of approximately 25,000 bpd gross (16,000 bpd net to Marathon), the timing of which is subject to available processing capacity on the Alvheim FPSO.
The Volund field is located in block 24/9 of the Norwegian sector of the
Marathon holds a 65 percent operated interest in the Alvheim field and associated FPSO, and a 47 percent outside-operated interest in Vilje.
This release contains forward-looking statements with respect to the Volund development and expected production from this field. Some factors that could potentially affect these forward-looking statements include pricing, supply and demand for petroleum products, the amount of capital available for exploration and development, regulatory constraints, timing of commencing production from new wells, drilling rig availability, 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,
Media Relations Contacts:
Ingvar Solberg +47-51-50-6300
Lee Warren 713-296-4103
Investor Relations Contacts:
Howard Thill 713-296-4140
Chris Phillips 713-296-3213
SOURCE
Media Relations Contacts: Ingvar Solberg, +47-51-50-6300, Lee Warren, +1-713-296-4103, Investor Relations Contacts: Howard Thill, +1-713-296-4140, Chris Phillips, +1-713-296-3213
$USD 329.00
$USD 329.00
$USD 329.00
