Murphy Sells Ecuadorean Assets to Repsol for $87MM

Ecuador, South America
(Click to Enlarge)

Murphy Oil Corporation has sold all of its holdings in oil producing properties in the Republic of Ecuador to Repsol YPF Ecuador S.A. Consideration for the sale, effective March 1, 2009, consists of estimated cash proceeds of $87 million and Repsol's assumption of certain tax and other obligations. The actual amount of the expected gain from the sale will be recorded by the company during the first quarter of 2009, subject to post-closing adjustments.

This sale includes year end 2008 net proved reserves of approximately 4.8 million barrels of oil from Block 16 and related properties. The company's previously issued 2009 yearly worldwide production guidance estimate of 180,000 barrels of oil equivalent per day included approximately 6,000 barrels of oil per day from these properties in Ecuador.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Oilfield Sales Representative - Outside Sales (Oil and Gas)
Expertise: Business Development|Project Management|Sales
Location: Odessa, TX
EU Business Development Manager - Refining/Maintenance Services
Expertise: Business Development
Location: Houston, TX
Manager, Probabilistic Risk Analysis Job
Expertise: Business Development|Research & Development|Technical Manager
Location: Minneapolis, MN
search for more jobs

Brent Crude Oil : $49.98/BBL 1.59%
Light Crude Oil : $49.18/BBL 1.56%
Natural Gas : $2.73/MMBtu 1.44%
Updated in last 24 hours