Lukoil, Moscow, (Pink Sheets: LUKOF) plans to acquire E&P businesses in the Khanty Mansiysk region of western Siberia, Russia, from Marathon Oil Corp., Houston, (NYSE: MRO) for approximately $787 million plus working capital and other closing adjustments. Marathon president and chief executive Clarence P. Cazalot Jr. says, "Since acquiring these assets almost three years ago, Marathon has doubled oil production to more than 30,000 barrels per day, resulting in the creation of substantial value. We have elected to monetize the value of these particular assets, while continuing to evaluate other attractive opportunities in the Russian Federation." Marathon estimates the Russian assets' production to average approximately 360,000 to 380,000 barrels of oil equivalent per day, excluding the effects of any further acquisitions or dispositions, compared with the earlier estimate of 365,000 to 395,000 barrels of oil equivalent per day.
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