Representing a total investment of approximately $121 million net to the company, the two blocks will be 100% owned by Marathon. The remaining 13 blocks were bid for in conjunction with its partners.
The blocks cover approximately 86,000 gross acres in the deepwater Gulf of Mexico, ranging in water depths from approximately 900 feet to 8,200 feet.
Phil Behrman, Marathon’s senior vice president for worldwide exploration, said: Building upon Marathon’s success at the October 2007 lease sale, these new leases in the deepwater Gulf of Mexico help contribute to our strategy for growing an inventory of prospects for future exploration activity. Marathon will continue to focus on maintaining a diversified and balanced exploration drilling program.
