Mar 06 - Murphy Oil Provides Update On Production Guidance And Recent Exploratory Drilling

Source Press Release
Company Murphy Oil Corporation 
Tags Upstream Activities
Date March 15, 2006

Murphy Oil Corporation is revising its production guidance for both the first quarter and full year 2006 to approximately 110,000 barrels of oil equivalent a day. The lowered volumes are primarily due to the Terra Nova field, offshore eastern Canada, which has experienced equipment issues and a recent unscheduled field shutdown combined with an extended turnaround expected in the third quarter. The forecast for Gulf of Mexico production is also lower and includes continued downtime for a non-operated field, which remains partially offline following Hurricane Katrina. Dry hole charges for the first quarter of 2006 are now expected to be between $27 and $58 million and include an unsuccessful well at Shrumbu drilled in Block H, offshore Sabah. Wells still pending during the quarter are the Rohu well (60%) in deepwater Malaysia and the Mahkota and Permas wells (85%) in shallow-water Malaysia.

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