Petroleum Africa
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Thursday, February 26, 2015
Marathon Oil Corp. recently released its capital, investment, and exploration budget for 2015, and while the company did not allocate a massive amount of funds toward Africa, the continent will see some of Marathon’s $3.5 billion budget.
As part of its exploration budget Ethiopia, where Marathon holds a 50% interest in the Rift Basin Area Block, will see some spending as the company and its partner Africa Oil Corp. will be conducting seismic. Gabon will see some of those exploration funds go toward a seismic campaign slated for that country. Equatorial Guinea will also see some funds over 2015.
Of the $3.5 billion North America will see approximately $2.4 billion, more than $1.4 billion in capital spending is earmarked for the Eagle Ford. Included in Eagle Ford spending is approximately $1.0 billion for drilling and completions. The company plans to spend $760 million in the Bakken in North Dakota. Bakken spending includes approximately $550 million for drilling, completions, and recompletions. The spending of $226 million is targeted for the Oklahoma Resource Basins, this includes spending of approximately $200 million for drilling and completions.
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