Marathon receives Angola block 31 development approval

Marathon International Petroleum Angola Block 31 Ltd., and its co-venturers have received approval from Sociedade Nacional de Combustiveis de Angola - Sonangol E.P. to proceed with the first deepwater oil development project on Angola block 31, comprised of the Plutao, Saturno, Venus, and Marte (PSVM) fields.

Offshore staff

HOUSTON -- Marathon International Petroleum Angola Block 31 Ltd., and its co-venturers have received approval from Sociedade Nacional de Combustiveis de Angola - Sonangol E.P. to proceed with the first deepwater oil development project on Angola block 31, comprised of the Plutao, Saturno, Venus, and Marte (PSVM) fields.

PSVM will be the first of multiple developments anticipated in block 31, according to Marathon. PSVM will use an FPSO, with construction work expected to begin later this year. Peak gross production of about 150,000 b/d is targeted in 2012. The company is planning 48 production, gas, and water injection plus infill wells.

"The development of PSVM is an important step in advancing Angola as a new core area of operations for Marathon," says David E. Roberts, Jr., Marathon executive VP of upstream. "As the first in an anticipated series of deepwater development projects on block 31, and potentially on block 32, PSVM is part of Marathon's strong upstream portfolio of opportunities that form the basis for our defined production growth through 2012 and beyond, as we continue to convert Marathon's significant discovered resource base to proved reserves and production."

07/28/2008

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