Mar. 01 Murphy Oil Acquires Additional Blocks Offshore Malaysia

Source Press Release
Company ExxonMobilMurphy Oil Corporation 
Tags Upstream Activities, Strategy - Upstream
Date March 09, 2001

Murphy Oil Corporation has announce that its wholly-owned subsidiary, Murphy Sabah Oil Company, Ltd. (“Murphy Sabah”), has completed a Farm-In Agreement to acquire Esso Exploration & Production Sabah Limited’s entire 80-percent interest in Block H offshore Sabah, Malaysia. Esso Exploration & Production Sabah is a subsidiary of  Exxon Mobil Corporation.

With this acquisition, Murphy Sabah also takes over operatorship of the block, in which the remaining 20-percent equity is owned by PETRONAS Carigali, an exploration and production arm of  PETRONAS, Malaysia’s state-owned oil and gas corporation.

Block H, located in Malaysia’s deepwater area, lies contiguous with Block K, which is also held by Murphy Sabah and PETRONAS Carigali. Block H is adjacent to Block G, where Sabah Shell Petroleum Company Limited recently announced a deepwater discovery.

The combination of Blocks K and H gives Murphy Sabah access to over 6.4 million undrilled acres in this promising deepwater prospect. Murphy’s first objective will be to supplement the existing 2-D seismic data on Block H with a phased 3-D program that will begin in the second quarter of 2001, followed by a drilling program commencing later in the year.

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