• NOV Downhole

 

Murphy Oil announce Congo drilling results

Murphy Oil Corporation announced today the results of its recent Republic of the Congo drilling campaign in the Mer Profonde Sud permit.

The Cobalt Marine #1 exploration well and the Turquoise Marine #3 well both failed to find commercial quantities of hydrocarbons. The Turquoise Marine #4 did find well developed deeper reservoirs with a minor accumulation of oil. All three wells were operated by Murphy West Africa, Ltd. at a 58.82% working interest and were plugged and abandoned. The total net cost of the program is estimated at US$ 36 million and will be expensed in the fourth quarter of 2010.

David M. Wood, Murphy’s President and Chief Executive Officer, commented, “Our aim with this three well program was to delineate the area around the Turquoise Marine #1 oil discovery and prove up standalone volumes. These results, while disappointing, will lead us to look into a tie-back to Azurite development option more closely. We continue to evaluate our exploration program in Republic of the Congo and are pleased to be nearing final conclusion on improved fiscal terms.”

Published on 07/01/2011


Oilfield Technology

Would you like a FREE issue of Oilfield Technology magazine?

With 12 issues per year containing strong technical editorial and exciting case studies, you’ll easily stay up-to-date on the technologies, solutions and services that see global upstream oil and gas operations flow smoothly and successfully.

Get your FREE magazine now »

No credit card required

 
 

Write your own comments

*
*
*

Recommend magazines

  Oilfield Technology