Marathon Norway Share Fair

1. Marathon NorwayShare Fair 20 April 2006

2. 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.  Date and Tracking Info Here

3. Foinaven Marathon Blocks Alvheim Marathon Offices Brae Area Stavanger Aberdeen Corrib Cork Kinsale London Date and Tracking Info Here

4. 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 Date and Tracking Info Here

5. 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 Date and Tracking Info Here

6. Marathon in Norway Date and Tracking Info Here

7. The Alvheim Area Date and Tracking Info Here

8. Alvheim/Vilje Subsea Layout Date and Tracking Info Here

9. Topsides process design, supply, installation, hook-up and commissioning Hull upgrade, remediation and refurbishment Installation of FPSO moorings, risers and riser bases Turret/mooring/swivel design, supply installation, and integration FPSO Facility - Scope of Work Date and Tracking Info Here

10. 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 Date and Tracking Info Here

11. 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 Date and Tracking Info Here

12. 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 Date and Tracking Info Here

13. 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 Date and Tracking Info Here

14. 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 Date and Tracking Info Here

15. 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 Date and Tracking Info Here

16. Services Procurement Personnel Date and Tracking Info Here

17. Management Personnel Date and Tracking Info Here

18. Marathon : Europe Business UnitOffice Addresses • AberdeenMarathon Oil U.K., Ltd.Marathon HouseRubislaw Hill, Anderson DriveAberdeen, AB15 6FZ • Tel. (01224) 803000 • LondonMarathon Oil U.K., Ltd. Capital House 25 Chapel StreetLondon NW1 5DQ • Tel. (020) 7298 2500 • CorkMarathon Oil Ireland Ltd.Mahon Industrial EstateBlackrockCork, Ireland • Tel. (00 35321) 4357301 • StavangerMarathon Petroleum Company (Norway) Postboks 480 Sentrum 4002 StavangerNorway • Tel. (+47) 51 50 63 00 Date and Tracking Info Here

19. Questions ?