Marathon (NYSE: MRO), Total (NYSE: TOT) Find New Oil and Gas in Iraq

Brian Hicks

Written By Brian Hicks

Posted October 31, 2013

Marathon (NYSE: MRO), Total (NYSE: TOT) Find New Oil and Gas in Iraq

Marathon Oil Corporation announced its Mirwa-1 exploration unit has discovered multiple stacked oil and natural gas-producing zones in the Kurdistan Region of Iraq. The region is the sixth-largest oil producing region in the world, and this discovery could contribute an excess of 11,000 barrels per day.

The well, approximately 40 miles northeast of Erbil, is 14,000 feet deep and includes natural gas reservoirs beginning at 5,800 feet. The flow rate from these reservoirs is approximately 72 million cubic feet per day.

Total SA (NYSE:TOT) holds a 35 percent interest in the block, Marathon holds a 45 percent controlling interest, and The Kurdistan Regional Government holds the remaining 20 percent.

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