HOUSTON, Mar. 9�Murphy Sabah Oil Co. Ltd., a subsidiary of Murphy Oil Corp., El Dorado, Ark., has signed a farmin agreement to acquire Esso Exploration & Production Sabah Ltd.'s 80% holding in Block H off Sabah, Malaysia.
Esso Exploration & Production Sabah is a subsidiary of ExxonMobil Corp.
Murphy Sabah will also operate the deepwater block. The remaining 20% is owned by Petronas Carigali Sdn. Bhd., the exploration and production arm of Malaysian state-owned oil and gas company Petronas.
Block H is contiguous with Block K, which is also held by Murphy Sabah and Petronas Carigali.
Claiborne P. Deming, Murphy's president and CEO, said, "Our first objective will be to supplement the existing 2D seismic data on Block H with a phased 3D program that will begin in the second quarter of 2001, followed by a drilling program commencing later in the year."