Total joins Marathon in Iraqi exploration blocks

The deal saw Marathon subsidiary Marathon Oil KDV BV close farmout agreements with Total, which reduced Marathon’s stake in both blocks to a 45 per cent working (56.25 per cent paying) interest.

Marathon will remain operator of the Harir block and exploration operator of the Safen block, but the agreement will see Total become the operator of any development of the Safen block.

Marathon vice president of global exploration Annell Bay said, “We are pleased to have Total join Marathon Oil in exploring these high-impact exploration opportunities in the Kurdistan Region of Iraq's world-class hydrocarbon province.

“This partnership combines the extensive exploration, drilling and completion experience of Marathon Oil and Total to fully evaluate the potential of these two blocks.”

The Kurdistan Regional Government will continue to hold a 20 per cent interest in each of the blocks, which are located northeast of Erbil.