PSC's Legal?Houston—Marathon Oil believes it is on solid legalground regarding its recently signed exploration contracts in the northern Iraqiregion of Kurdistan, but also accepts the
opportunity is a “measured risk,” Marathon CEO Clarence Cazalotsaid November 11. “It’s a measured risk and we take measured risks every day,”Cazalot told analysts
during questions at the Bank of America Merrill Lynch GlobalEnergy Conference in Miami. The presentation also was webcast. Cazalot’scomments came a week after
the US embassy warned US oil companies against signing oil and gascontracts with the Kurdistan Regional Government, calling them legallyunsound.