US Marathon Oil invests USD 50 million in Khanti-Mansiysk oil fields in 2003

US corporation Marathon Oil is investing USD 50 million in the infrastructure of the oil fields of the Khanti-Mansiysk autonomous district in 2003, and over two years will invest a total of USD 100 million, said First Vice President of Marathon Oil corporation Steve Hinchman at a meeting with Khanti-Mansiysk Autonomous District Governor Alexander Filipenko. The governor's press service told Rosbalt that Hinchman arrived in Khanti-Mansiysk on a visit to get acquainted with the situation. He also visited the oil fields which the corporation has agreed to develop.

In May Marathon Oil completed the process of acquiring the Khanti-Mansiysk Oil Corporation (KMOC), which cost the American corporation approximately USD 280 million including unfulfilled debt obligations of KMOC. In correspondence with conditions of the agreement of the merger, KMOC will continue to function as usual but it will be owned by Marathon Oil.

KMOC current output is approximately 14.5 thousand barrels of oil per day. At the present time they are planning to increase production to 60 thousand barrels per day over the course of five years. Marathon Oil is currently evaluating the work of the oil fields which it plans to develop, and by the end of the year will make a business plan for the corporation in Khanti-Mansiysky autonomous district. Marathon Oil also intends to cooperate with Surgutneftegaz on the development of infrastructure of the oil fields on the right bank of the Ob river.

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