Murphy Oil gets Petronas contracts

PETROLIAM Nasional Bhd (Petronas) has awarded two production sharing contracts offshore Malaysia to Murphy Oil Corp and Petronas Carigali Sdn Bhd. 

The production sharing contracts for deepwater blocks L and M marked the 7th and 8th Malaysian blocks awarded to Murphy, a Petronas statement said. 

It said Murphy Oil unit Murphy Sabah Oil Co Ltd would own 60% and 70% of the two respective blocks, while the remaining 40% and 30% would be held by Petronas Carigali, the exploration and production arm of Petronas. 

Under the terms of the contracts, the contractors would buy and process 500 sq km of 3D seismic data in each block and drill two exploration wells in each block to a minimum depth of 7,000m, Petronas said. 

It added that the minimum financial commitment for each block was US$21mil. – AFX 

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3

Did you find this article insightful?


Next In Business News

Facebook’s AI mistakenly bans ads for struggling businesses
CPO futures to trade in yo-yo mode next week
More than just painting the town red
Jobs in the new normal
GLOBAL LNG-Asian spot prices rise on oil surge and heating demand
Airbus re-sells six unwanted jets built for AirAsia
Hong Kong is the real loser from new China copper contract
OPEC+ panel's informal online talks postponed to Sunday
Oil prices post weekly gain ahead of OPEC+ meeting
GLOBAL MARKETS-Stocks at record high but yields fall, US$ pressured

Stories You'll Enjoy