Executives of Surgutneftegas and Marathon Oil considered questions of bilateral cooperation in exploring oil and gas fields in Western Siberia, the press service of Surgutneftegas has reported. On May 13, 2003 Marathon Oil announced it had completed the acquisition of Khanty Mansiysk Oil Corporation. The corporation has about 300m barrels (40m tons) of proved and probable oil reserves in Western Siberia and some 900 million barrels of total potential oil reserves. The new owner is going to invest $378m in Khanty Mansiysk Oil Corporation over the next five years. Resources are to be used to drill wells and lay pipelines across the Ob river.
Marathon Oil's headquarters are in Houston, Texas, USA. It is engaged in the worldwide exploration and production of crude oil and natural gas, as well as the domestic refining, marketing, and transportation of petroleum products.