Drill, Baby, Drill: Marathon Oil Taps Norway
STAVANGER, Norway (
) -- Nothing like those first trickles from a major oil production to make investors feel chipper.
Shares of
Marathon Oil
(MRO) - Get Report
were adding 96 cents, or nearly 3%, at $33.90 in the afternoon following news that the crude operation said it achieved first production on an offshore development in Norway.
The Volund field, its second major site in Norway, is expected to reach a peak of 25,000 barrels per day, with 16,000 bpd net to Marathon, according to the company's press release today. Marathon has a 65% interest in Volund, while
Lundin Norway AS
controls the remaining 35%.
In other oil production news,
Anadarko Petroleum
(APC) - Get Report
earlier announced a
major oil find off the coast of West Africa, sending shares higher by nearly 10% in the afternoon.
-- Written by Sung Moss in New York
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