Murphy to Explore for Oil Offshore Suriname
Murphy Oil's subsidiary, Murphy Suriname Oil Company Ltd., has signed a production sharing contract (PSC) for Block 37 offshore Republic of Suriname in South America. Block 37 covers an area of approximately 2.1 million acres and lies in water depths of 160 to 1,000 feet. The PSC covers an initial six-year exploration phase and includes commitments to drill two wells and acquire 3D seismic.
"We are pleased to have concluded this contract with Staatsolie and look forward to beginning our exploration program in this new area," said Claiborne P. Deming, Murphy Oil Corporation President and Chief Executive Officer. "With multiple play types, offshore Suriname has a lot of attraction. Our new 3D seismic survey planned for later this year will better define targets for our subsequent drilling program which will likely commence in 2008," he added.
Murphy is Operator and has an 80% working interest in Block 37. Staatsolie Maatshappij Suriname N.V., the national oil company of Suriname, holds the remaining 20% interest.
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