Houston (ANTARA News) - Marathon Oil Corp. said Wednesday that its Marathon Indonesia New Ventures Ltd. subsidiary has obtained a 49 percent interest and right to operate in an offshore field that could yield natural gas or oil.
The 1.2-million acre Bone Bay Block is off southern Sulawesi Island in Indonesia and is described by Marathon as a "high potential, under-explored area."
Marathon expects to enter into a production-sharing contract with the Indonesian government before the end of the year and drilling is expected to begin in 2011.
Kaizan Oil & Gas LLC, a subsidiary of Black Gold Energy LLC, was awarded the remaining 51 percent interest in the Bone Bay Block.
Shares of Marathon fell $4.10, or 16 percent, to $22.26, in afternoon trading. AP reported.
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