Murphy anticipates deepwater Mexico block award

Murphy Oil says a joint venture led by its Mexican subsidiary, Murphy Sur, was the high bidder and expects to be awarded block 5 during Mexico's fourth phase, round one deepwater auction.

Offshore staff

EL DORADO, Arkansas --Murphy Oil says a joint venture led by its Mexican subsidiary, Murphy Sur, was the high bidder and expects to be awarded block 5 during Mexico's fourth phase, round one deepwater auction.

Under the terms of the JV, Murphy will operate with a 30% interest in partnership withPetronas subsidiary PC Carigali Mexico Operations, Ophir Energy, and Sierra Offshore Exploration.        

Block 5 is in thedeepwater Salinas basin covering around 2,600 sq km (1,004 sq mi) and in water depths of 700-1,100 m (2,300-3,600 ft). The initial exploration period for the license is four years, with a work program commitment that includes one well.

12/9/2016

More in Company News