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.
2014 Alternative Energy Stock Predictions
2013 showed impressive gains for a handful of notable solar and green energy providers, and a few more stand to have an equally impressive 2014. We take a look at five areas of growth for the coming year, click here to find out what they are.