Marathon Oil subsidiary Marathon Oil KDV B.V has completed farm out agreements with subsidiaries of Total.
Pursuant to the deal, Total has acquired 35% (43.75%) interests in the Harir and Safen blocks located to the north-east of Erbil in the Kurdistan Region of Iraq.
Marathon Oil vice president of global exploration Annell R Bay said the company is 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," said Bay.
Marathon Oil will remain as the operator of the Harir block, which is approximately 705km², as well as the Safen block, however its stake in each will now reduce to 45% working (56.25% paying) interest.
A Total subsidiary will become the operator of Safen block, approximately 424km², while the Kurdistan Regional Government will continue to own a 20% interest in each of the blocks.
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By GlobalDataThe company said that currently a 2D seismic programme on both blocks is underway and will be completed this year.
Drilling began on the first exploration well on the Harir block to test Mesozoic fractured carbonates with main reservoir objectives in the Cretaceous, Jurassic and Triassic formations.
The company said the first exploration well on the Safen block is planned for the first half of 2013.
