Marathon Norway Share Fair

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Marathon NorwayShare Fair

• 20 April 2006

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Forward Looking Statement

• Except for historical information, this
  presentation contains forward-looking information
  with respect to the Alvheim/Vilje and Volund
  developments, including future exploration,
  drilling, production and development plans.
  These forward looking statements are subject to
  risks and uncertainties that could cause actual
  results to differ materially from those expressed
  or implied from such information. In accordance
  with the safe harbor provisions of the Private
  Securities Litigation Reform Act of 1995,
  Marathon Oil Corporation has included in its
  Annual Report on Form 10-K for the year ended
  December 31, 2005, and in subsequent Forms 10-Q
  and 8-K, cautionary language identifying
  important factors, though not necessarily all
  such factors, that could cause future outcomes to
  differ materially from those set forth in the
  forward-looking statements. 

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Production Core Area Europe

• Operator of Brae platform and pipeline complex in
  Central North Sea
• 3 major platforms
• 7 producing fields
• 19 third-party fields
• Non-Operator at Foinaven
• Increasing position in Norway
• Heimdal gas hub
• Alvheim development
• Exploration programme
• Only producer of natural gas offshore Ireland 2
  producing platforms

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Pro-active pursuit of growth in Norway

• Partner in Heimdal area since 1975
• Existing production from Heimdal, Vale, and
  Skirne
• Operator from 2002
• Awarded 8 licenses in the 2003 2004 rounds
• Progressing development of Alvheim field
• Partner in Vilje - discovery 2003 current
  development by Norsk Hydro back to Alvheim
• Operator for Volund discovery 2004 - progressing
  development concept approval

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Marathon in Norway
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The Alvheim Area
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Alvheim/Vilje Subsea Layout
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FPSO Facility - Scope of Work
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Alvheim Development Project

• Project on schedule for production early 2007
• FPSO vessel upgrade completed at Keppel,
  Singapore
• Subsea contract with Technip, Norway
• Turret, Mooring and Swivel nearing completion
  with APL, Norway
• Topsides Contract to Vetco Aibel
• Main equipment and bulk materials ordered
• Heavy lift on to vessel planned mid summer
• Drilling contracts all awarded rig Deepsea
  Bergen
• Tanker offloading to Teekay
• Operations and Maintenance contract awarded to
  Maersk Contractors

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FPSO Long Term Operations

• Maersk Contractors Norge AS will run the FPSO
  with their personnel, providing all services and
  materials
• Tendering throughout 2006
• Maersk contact is Tom Sanders, telephone 01224
  216810
• Marathon will directly source certain FPSO
  requirements e.g. logistics
• Marathon will directly contract for all
  subsurface, drilling, well and subsea
  intervention work

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Volund Development

• Licence PL150 Marathon 65, Lundin 35
• Oil and gas discovery in 2004
• Currently completing feasibility studies which
  indicate
• Tie-back to Alvheim
• Minimal modifications to Alvheim FPSO
• Two to three subsea wells
• Separate flowlines and risers to Alvheim
• PDO submission 3Q 2006
• Definition studies awarded and expect to bid for
  implementation activities late 2006

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Norway Exploration

• Three licenses awarded in the 2003 Pre-Defined
  Areas Round
• Marathon is designated Operator for two licenses
• Five licenses awarded in APA 2004
• Marathon is designated Operator for four licenses
• Partner in the Gudrun license
• Exploration Team located in Stavanger and
  actively seeking new opportunities to grow beyond
  current license position

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Procurement Strategies

• Procurement conducted from both Aberdeen and
  Stavanger offices for Alvheim
• Aberdeen Alvheim Drilling and Logistics
• Stavanger Alvheim facilities (complete)
• Aberdeen All new procurements (Volund)
• Orders placed by Marathon Petroleum Company
  (Norway)
• All bidders sourced from Achillies JQS (Norway)
  and FPAL Systems
• Evaluation criteria and timescale in enquiry
• Use Standard Contracts with few exceptions

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Our Expectations from Suppliers

• Register on FPAL complete capability profile
  keep details up to date
• Do the same in Achilles JQS for Norway work
• Still need to promote your own business
• Provide innovative solutions
• Demonstrate the advantages in dealing with you
• Seeking new technology and Best Practices
• How can you Add Value to our business

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Services Procurement Personnel
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Management Personnel
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Marathon Europe Business UnitOffice Addresses

• AberdeenMarathon Oil U.K., Ltd.Marathon
  HouseRubislaw Hill, Anderson DriveAberdeen,
  AB15 6FZ
• Tel. [phone]
• LondonMarathon Oil U.K., Ltd. Capital House 25
  Chapel StreetLondon NW1 5DQ
• Tel. [phone]

• CorkMarathon Oil Ireland Ltd.Mahon Industrial
  EstateBlackrockCork, Ireland
• Tel. [phone]
• StavangerMarathon Petroleum Company (Norway)
  Postboks 480 Sentrum 4002 StavangerNorway
• Tel. [phone]

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Questions ?