Mar. 01 - Murphy Oil Announces Contract For Medusa Project

Source Press Release
Company Murphy Oil Corporation 
Tags Upstream Activities, Strategy - Upstream
Date March 06, 2001

Murphy Oil Corporation has announced that its wholly owned subsidiary, Murphy Exploration & Production Company, has awarded a contract to J. Ray McDermott, Inc. to provide a floating production system for Murphy’s Medusa Project located in Mississippi Canyon Blocks 538 and 582. The blocks are located in water depth of approximately 2,200 feet. Financial terms of the contract are not being disclosed.

SparTEC, Inc., a wholly owned subsidiary of J. Ray McDermott, Inc., will be the General Contractor responsible for the Engineering, Procurement, Construction and Installation (EPCI) Spar Contract.

Upon completion, the facility will have the capacity to handle 40,000 barrels of crude oil and 110 million cubic feet of natural gas per day. Production is currently anticipated to commence in the fourth quarter of 2002. Murphy is the operator of Medusa with a 60% working interest. Other interest holders include Agip Petroleum Co., Inc. (the upstream division of Eni SpA (25%) and  Callon Petroleum Company (15%).

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