Murphy Aims to Shoot 3D Seismic in 1Q08

Arkansas-based Murphy Oil (NYSE: MUR) aims to shoot 3D seismic for block 37 in Suriname in the first quarter of next year, Murphy E&P president David Wood said in a webcast.

Suriname's state oil company Staatsolie and Murphy earlier this year signed a production-sharing contract for the offshore block.

The seismic work will depend on boat availability, said Wood, adding exploration drilling could begin by late 2008.

Murphy has an 80% working interest in block 37 and the state company the remaining 20%. Staatsolie offered block 37 in its 2006 international bidding round.

The block covers roughly 2.1mn acres (849,800ha) and lies in water depths of 160-1,000ft (48.8-305m).

REGIONAL OUTLOOK

"We're really not a Latin American player," according to executive.

Wood did say Venezuela is interesting, but it is "just a little difficult to get opportunities I would find attractive."

In Latin America, Murphy produces oil in Ecuador.

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