Murphy Oil Acquires Acreage Offshore Republic of Congo
Murphy Oil's subsidiary, Murphy West Africa, Ltd., has signed two production sharing contracts covering adjoining blocks Mer Profonde Sud (MPS) and Mer Profonde Nord (MPN), offshore Republic of Congo. Murphy West Africa, Ltd. is the operator and has an 85% working interest in both blocks. The exploration and production arm of Societe Nationale des Petroles du Congo (SNPC) holds the remaining interest. The blocks, located in the Lower Congo Basin, lie in water depths ranging from 450 feet to 6,900 feet and total approximately 1.8 million gross acres.
Claiborne P. Deming, Murphy's President and Chief Executive Officer, commented, "We are extremely pleased with Murphy West Africa, Ltd.'s acquisition of these two blocks with our partner SNPC. This acreage has only been lightly explored and lies on trend with major discoveries. MPS and MPN have all the fundamental characteristics of high potential areas including proven oil source rocks, multiple play types and good fiscal terms. These blocks are strong additions to Murphy's acreage position and fit the organic growth model Murphy is successfully executing in other parts of the world."
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