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MARATHON AND AMOCO ENTER AGREEMENT TO EXPLORE IN CELTIC SEA

 MARATHON AND AMOCO ENTER AGREEMENT TO EXPLORE IN CELTIC SEA
 HOUSTON, July 22 /PRNewswire/ -- Marathon Petroleum Ireland, Ltd. has entered into an agreement with Amoco Ireland Exploration Company calling for Amoco to join with Marathon in an exploration program in the Celtic Sea offshore Ireland, it was announced today.
 Marathon has interests in 52 blocks in the Celtic Sea and owns and operates the only two gas producing developments offshore Ireland. The company's 100-percent-owned Kinsale Head and Ballycotton gas fields currently produce an average combined rate of over 260 million cubic feet of natural gas per day.
 Marathon has committed to drill seven wells as part of an exploration program extending through 1996. Amoco will join Marathon in at least three of those wells, with 25 percent participation interests in the first two and up to a 50 percent interest in the third. Amoco will have an option to assume interests in the remaining four wells and in any additional wells exceeding the seven-well commitment.
 The agreement further provides that either Marathon or Amoco will have the right to participate with the other in the event either company acquires new interests in the Celtic Sea. Additionally, the firms have agreed upon a framework under which they will jointly explore and develop these areas.
 Marathon Petroleum Ireland, Ltd., the operator under the agreement, is a wholly owned subsidiary of Marathon Oil Company (NYSE: MRO), a unit of USX Corporation (NYSE: X). Amoco Ireland Exploration Company is a wholly owned subsidiary of Amoco Production Company, the worldwide petroleum exploration and production subsidiary of Amoco Corporation (NYSE: AN).
 -0- 7/22/92
 /CONTACT: Michael R. Dixon, 713-296-3912 or William P. Ryder, 713-296-3915, both of USX Corporation/
 (MRO X) CO: Marathon Petroleum Ireland, Ltd.; Amoco Ireland Exploration
 Company; Marathon Oil Company; USX Corporation ST: IN: OIL SU: JVN


CD -- PG005 -- 1757 07/22/92 10:00 EDT
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Publication:PR Newswire
Date:Jul 22, 1992
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