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Marathon buys into Mayo gas field

February 16, 2011

By Staff Reporter

By Andrew Bushe

DUBLIN — The American Marathon oil company has bought an 18.5 percent stake in the consortium led by Britain’s Enterprise Oil, which is hoping to prove this year that the Corrib gas discovery off the Mayo coast is a commercial gas field.

Marathon is a veteran of Irish oil and gas exploration — both on and offshore — and has operated the Kinsale gas field off the Cork coast since the early 1970s.

Marathon has bought its stake from Saga Petroleum, which still retains a 21.5 percent interest in Corrib, located about 34 miles off the coast.

Marathon also gets a share in the prospect farther south called Shannon. No price was revealed for the deal, but is it reported to have involved about $20 million.

An appraisal well is currently being drilled in Corrib. A well is also planned for Shannon about eight miles to the south; it could be developed with a spur line from Corrib.

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Enterprise owns 45 percent of the consortium and the Norwegian Statoil company holds the other 15 percent.

May 26-June 1, 1999

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