EXPLORATION PROJECTS
Well-executed exploration programs have been a key element in rebuilding Marathon's portfolio. The Company has a deep inventory of prospects and a balanced exploration program of new field wildcats, satellite tiebacks and onshore resource opportunities for 2010. Worldwide, up to 50 wells targeting future growth are planned, primarily in deepwater and onshore unconventional plays.
Marathon has a competitive edge due to its technical strengths, particularly internal capabilities in seismic imaging, reservoir characterization, and drilling and completion. By assessing exploration risk at a basin level, Marathon can concentrate on the highest value assets with significant resource potential, making exploration outcomes more predictive.
The Company's systematic approach to exploration starts with identifying the highest resource density in select trends and plays where it can apply its integrated work program to achieve a lead position. Marathon looks for opportunities to use its proven skill set for repeatable exploration successes.
In the Gulf of Mexico, Marathon's strong new prospect inventory is approximately 1.2 billion barrels of oil equivalent (bboe) unrisked resource potential net to Marathon. Rigs are contracted for three new operated wildcat wells in established Miocene sub-basins. Marathon also will participate in one non-operated exploration well and up to three non-operated appraisal wells.
Offshore Indonesia, Marathon is the operator of approximately 3.5 million acres across three blocks. All have multiple play types and multiple large prospects. Two high-risk, high-reward wells in the Pasangkayu Block are planned in 2010, representing approximately
1 bboe gross unrisked potential. In 2009, Marathon drilled the Marihøne A and Viper discovery wells near its Alvheim development offshore Norway. Drilling rigs are secured to drill three to four Alvheim satellite prospects in 2010, targeting first production in 2013-2014.
In deepwater Angola, the Company and its partners have announced 31 discoveries and anticipate first oil from the Block 31 PSVM development in 2011-2012.
