Murphy Oil secures four offshore blocks in Cameroon
Key points
- Murphy Oil Corporation (NYSE:MUR) signed four production sharing contracts covering offshore Cameroon blocks: Elombo, Etinde Exploration, Ntem and Tilapia.
- The four blocks cover approximately 2.6 million acres, with Murphy initially holding a 100% working interest and serving as operator.
- Cameroon's Société Nationale des Hydrocarbures (SNH) retains the right to acquire up to a 20% working interest in any future development.
Murphy Oil Corporation (NYSE:MUR) signed four production sharing contracts covering approximately 2.6 million acres across the Elombo, Etinde Exploration, Ntem and Tilapia blocks offshore Cameroon.
The agreements give Murphy an initial 100% working interest and operatorship across all four blocks, establishing its role in evaluating their offshore exploration potential.
Murphy said it would work with Cameroon's Société Nationale des Hydrocarbures to further assess the exploration opportunities across the newly contracted areas.
SNH retains the right to participate in future development with up to a 20% working interest, while Murphy initially holds the remaining interest under the agreements.
Murphy and SNH will now work together to evaluate the geological and commercial potential of the offshore acreage before determining potential development activities.
Murphy Oil is an independent oil and natural gas exploration and production company with operations and exploration interests across multiple international markets.
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