Murphy Fails to Find Significant Oil Volumes Offshore Congo

Murphy Oil Corporation  announced today the results of its recent Republic of the Congo drilling campaign in the Mer Profonde Sud permit.

The Cobalt Marine #1 exploration well and the Turquoise Marine #3 well both failed to find commercial quantities of hydrocarbons. The Turquoise Marine #4 did find well developed deeper reservoirs with a minor accumulation of oil. All three wells were operated by Murphy West Africa, Ltd. at a 58.82% working interest and were plugged and abandoned. The total net cost of the program is estimated at $36 million and will be expensed in the fourth quarter of 2010.

David M. Wood, Murphy’s President and Chief Executive Officer, commented, “Our aim with this three well program was to delineate the area around the Turquoise Marine #1 oil discovery and prove up standalone volumes. These results, while disappointing, will lead us to look into a tie-back to Azurite development option more closely. We continue to evaluate our exploration program in Republic of the Congo and are pleased to be nearing final conclusion on improved fiscal terms.”

Source:Murphy Oil Corporation, January 7, 2011;

Share this article

Follow Offshore Energy Today

Events>

<< Oct 2019 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Executive Oil Conference & Expo 2019

Executive Oil Conference and Exhibition is a unique opportunity to meet with all of the region’s…

read more >

Oil & Gas Vietnam 2019

Oil & Gas Vietnam (OGAV) 2019 is the only specialized oil & gas event in Vietnam that brings together an international congregation of both upstream and downstream oil and gas companies and also its supporting industries gathered in the heart of Vietnam’s oil and gas industry in Vung Tau, to showcase the latest developments in the oil and gas industry.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply