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Regional News

May 12, 2009
Murphy completes Block 37 survey offshore
Petroleumworld.com

A 3-D seismic survey on Arkansas-based Murphy Oil's (NYSE: MUR) block 37 offshore Suriname has been completed, according to BNamericas.

Murphy has an 80 percent working interest in the block and Suriname's state oil company, Staatsolie, holds the remaining 20 percent under a production sharing contract. The survey is being processed and once interpretation is complete the plan is to dirll next year, Murphy President and CEO David Wood said in a webcast.

The block covers roughly 2.1 million acres (849,800 hectares) and lies in water depths of 160 to 1,000 feet (49 to 305 m).

Murphy's operations in Latin America and the Caribbean are currently limited to Suriname after the company sold its assets in Ecuador to Spain's Repsol (NYSE: REP) earlier this year. Murphy and Ecuador's government had been at loggerheads over the latter's decision to turn participation contracts into service provider deals.

"This was the right decision [to sell the assets] and one that was favorable financially for our shareholders," the executive said. Previous production estimates for 2009 included full year volumes from Ecuador of 6,000 b/d, he added.

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