Tag Archives | Marathon Oil

NOC Interested in Marathon Oil Stake

Libya's National Oil Corporation (NOC) is interested in buying Marathon Oil's stake in the Waha Oil Company, reports Reuters. Oil and Gas Minister Dr. Abdulbari Alarusi [Al Arusi] (pictured) told a conference in London that Libya would discuss a potential deal with Marathon, although other firms were also interested. In the first quarter, production from Libya […]

Oil Exports Resume from Brega

Oil exports from the Libyan port of Marsa al Brega have reportedly resumed following the lifting of the force majeure. Deputy oil minister Omar Shakmak told Dow Jones on Monday: "A few tankers have left the port after we lifted the force majeure on 22nd August ... The port is now operating as normal and […]

Marathon Considers Selling Libya Oil Stake

The Wall Street Journal reports that Marathon Oil has notified Libya's National Oil Corporation (NOC) that it is considering selling its stake in Waha Oil, Libya's largest foreign-oil partnership. One Libyan oil official said the company's 16.3 percent stake in the field could fetch $2 billion to $3 billion. ConocoPhillips holds another 16.3 percent, Hess Corp. […]

Marathon Presentation on Waha Oilfields

A Technical meeting was held on Wednesday 17th July between the National Oil Corporation (NOC), Waha Oil, Marathon and ConocoPhillips --- "Waha Partners". The meeting was attended by Dr. Nuri Balrwin, Chairman of the NOC, board members, Chairman of the Waha Oil Company and a number of specialists from ConocoPhillips and Marathon, and several others. […]

Waha Oil Output Cut by 120,000 bpd

Waha Oil's pipeline in Libya has been closed due to a strike and protests at its Gialo field. Bloomberg quotes Libyan Minister of Oil and Gas, Dr. Abdulbari Alarusi [Al Arusi], as saying that this will result in a cut in the country’s crude output of 120,000 bpd. The field feeds crude into a pipeline […]

Marathon Oil Not Including Libyan Production in Forecasts

In its third quarter results published on Tuesday, Marathon Oil Corporation issued the following statement on its operations in Libya: Production operations in Libya were suspended in the first quarter of 2011 and resumed with limited production in the fourth quarter of 2011. During the third quarter of 2012, net production available for sale averaged […]

Marathon Oil 1Q Profit Falls 58% Following Spinoff

Marathon Oil Corp.'s first-quarter earnings fell 58% from a year-earlier period that included contributions from its former refining and marketing business, missing analysts expectations. Marathon Oil reported a profit of $417 million, or 59 cents a share, down from $996 million, or $1.39 a share, a year earlier. Excluding write-downs, asset-sale gains and other items, […]

Libya's NTC sets up committee to probe oil graft

Libya's National Transitional Council has set up a committee to investigate corruption in the oil sector during the rule of Muammar Gaddafi, a member of the committee told Reuters on Sunday. A wide-reaching probe of oil deals could lead to a re-allocation of lucrative contracts awarded to foreign oil majors under Gaddafi, disrupting the companies' […]