Valued at USD 888 million, the acquisition will see Marathon Oil embark on a four-rig drilling campaign to increase output from STACK, currently at levels of some 9,000 net boepd. PayRock’s acreage, which covers an area of some 247 square kilometres, is home to an estimated 330 million barrels of oil equivalent. Drilling should commence in 2017.
“Acquiring PayRock’s STACK position will meaningfully expand the quality and scale of Marathon Oil’s existing portfolio in one of the best unconventional oil plays in the US,” Marathon chief executive Lee Tillman said.
Saudi Aramco has awarded a USD 1 Read More
Singapore’s Seatrium has secured a topside integration project for the FPSO Errea Wittu from Offshore Frontier Solutions, a MODEC Group… Read More
The UK's hydrocarbons regulator has awarded 31 new exploration licences in the country's North Sea waters, Reuters reported on Friday Read More
ExxonMobil announced the closing of its USD 60-billion acquisition of Pioneer Natural Resources on Friday, a move that solidifies its… Read More
BP-Eni joint venture Azule Energy has entered a strategic farm-in agreement with Rhino Resources in Namibia's offshore Orange Basin, the… Read More
Africa-focused energy group Chariot has spudded the RZK-1 exploration well on the Gaufrette prospect at the Loukos Onshore licence in… Read More
This website uses cookies.