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DUPRAS51
05-11-2010, 04:22 PM
Latest Oil Refinery News (http://www.worldenergymedia.com) says that Marathon Oil, one of the leading integrated oil companies in US, will have a very low capital budget in the year 2010. Most of the funds will be utilized for exploration and production of oil and gas resources.

The global economic recession had badly hurt the demand and sale of energy resources. It had also affected the exploration and refining processes related to oil and natural gas. The refining sector was badly hurt during recession, as the demand versus supply ratio of oil and gas resources was very weak and so was the condition of the prices which went on fluctuating for quite some time.

Now Marathon Oil is planning to spend more capital to flourish its oil and gas business. The company is working on a handful of oil projects, including one refinery in Garyville, Louisiana.

The experts of the company have set up a new wave of oil exploration and it has been successful on a handful of projects handled by the company.

Exploration process will be focused more on deepwater projects, including the one from the Gulf of Mexico.

Marathon Oil has also amassed ‘a shale gas position in Poland’, to focus on the opportunities in the European market. The company has managed to obtain one license and it’s trying for others.

The 256,000 barrel-per-day refinery of Marathon at Garyville had a major expansion in March 2007 to increase its oil refining capability by 180,000 barrels/day.

If things go smoothly, as per the company’s plans, the oil and gas output from the refineries owned by Marathon Oil may rise by 6 per cent than the previous year.