Nice chunk of new production for MRO. Too bad they are considered a refinery stock...
Marathon:Alvheim To Produce Net 75,000 BOE/D In 2009
Last update: 6/9/2008 9:00:00 AM
(Updates with comments from Marathon Norway's managing director)
OSLO (Dow Jones)--Marathon Oil Corp.'s (MRO) Alvheim oil development in Norway will ramp up to produce 75,000 barrels of oil equivalent a day net to the company by the beginning of 2009, it said Monday as it announced first oil from the long-awaited project.
Speaking to Dow Jones Newswires, Marathon Norway managing director Kristin Faerovik said Alvheim is currently producing from one well, but will quickly ramp up to produce from two, giving Marathon net production of around 40,000 barrels a day in the first phase of output.
This level will be gradually raised as gas compression facilities start up within a month, helping to raise Marathon's net output to 75,000 barrels a day into 2009, Faerovik said.
Oil is initially being piped to the Alvheim floating production storage and offtake, or FPSO, vessel from two fields, Alvheim and Vilje, but later volumes from nearby fields including Volund set to start up in the second half of 2009, will help to boost output further. Alvheim FPSO has a nameplate capacity of 120,000 barrels of oil equivalent a day to all partners.
The project was the biggest under development in Norway.
Marathon holds a 65% stake in the Alvheim and Volund fields and a 46.9% interest in Vilje. Other stakeholders include ConocoPhillips (COP), StatoilHydro ASA (STO) and Lundin Petroleum AB (LUPE.SK).
Company Web site: marathon.com
-By Elizabeth Cowley, Dow Jones Newswires; +47 22 20 10 58; |
