Friday, April 29, 2011

Marathon, Nexen to Jointly Explore Shale in Poland

by OGJ editors, OGJ, Houston, Apr 27, 2011
[Calgary-based] Nexen Inc. agreed to acquire a 40% working interest in 10 [please see map below -- D.R.] of [Houston-based] Marathon Oil Corp.’s 11 concessions in Poland's Paleozoic shale gas play.

Marathon will remain operator of its concessions, which cover 2.3 million total acres. Poland has issued drilling licenses for 70 concessions to various oil companies.

During this year’s first half, Marathon plans to shoot 2D seismic surveys. The company tentatively plans to drill one or two wells in the fourth quarter and seven or eight wells during 2012.

Nexen and Marathon are targeting Lower Paleozoic shale at 8,000-13,000 ft. Currently, Nexen is developing shale gas in the Horn River region of British Columbia.

Annell R. Bay, Marathon's senior vice-president, worldwide exploration, said the partnership provides financial risk mitigation and combines the two firm’s extensive unconventional drilling and completion experience. [Full story]
                                      [Click on map to enlarge]
                                                                 Source: Mitsui & Co., Ltd. here

(Marathon is the fourth largest U.S.-based integrated oil company behind ExxonMobil, Chevron Corp., and ConocoPhillips, in the PIW's ranking---please see my post here. Also, it is the fifth largest refiner in the United States---please see my post here. On Jan 13, 2011, Marathon's Board of Directors announced that it approved moving forward with plans to spin off Marathon's downstream business, creating two independent, highly focused energy companies. Marathon Petroleum Corporation, to be headquartered in Findlay, Ohio, is expected to be the fifth largest U.S. refiner with a top-tier downstream portfolio of strategically aligned assets concentrated mainly in the Midwest, Gulf Coast and Southeast regions of the United States. Marathon Oil Corporation, which will remain based in Houston, will be a global exploration and production company with a strong portfolio of assets delivering defined growth leveraged to crude oil production with exploration upside---please see Marathon website. Marathon has operations in the United States, Angola, Canada, Equatorial Guinea, Indonesia, Iraqi Kurdistan Region/IKR, Libya, Norway, Poland and the United Kingdom. It is an integrated international energy company engaged in exploration and production; oil sands mining; integrated gas; and refining, marketing and transportation operations. Nexen Inc. is Canada's sixth largest independent oil and gas producer. Poland's technically recoverable resources of shale gas are estimated to be 187 trillion cubic feet/tcf or c. 5.3 trillion cubic meters/tcm, the highest in Europe---please see my post/table "Estimated Shale Gas Technically Recoverable Resources for Select Basins in 32 Countries -- EIA," here. Also, please see my post "World Shale Gas Resources Outside US Assessed," here. UPDATE: For Mitsui's possible participation in Polish shale gas, the first Japanese participation in European shale gas projects!, please see Mitsui's website. -- D.R.)

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