Murphy Oil announces strategic entry into deepwater Brazil

9/28/2017

EL DORADO -- Murphy Oil Corporation has announced that its wholly owned Brazilian subsidiary, Murphy Brazil Exploração E Produção De Petróleo E Gás Ltda. (Murphy), has entered into a farm-in agreement with Queiroz Galvão Exploração e Produção S.A. (QGEP) to acquire a 20% working interest (WI) in Blocks SEAL-M-351 and SEAL-M-428, located in the deepwater Sergipe-Alagoas basin, offshore Brazil. QGEP will retain a 30% WI in the blocks, and in a related but separate transaction, ExxonMobil Exploração Brasil Ltda. (an affiliate of ExxonMobil Corp.) has farmed into the remaining 50% WI as the operator. The blocks are located 80 to 100 km (50 to 60 mi) off the coast of Brazil and cover a total area of approximately 1,500 km2 (580 mi2).

In addition, Murphy and its partners are the high bidder in Brazil’s Round 14 lease sale for Blocks SEAL-M-501 and SEAL-M-503, which are adjacent to SEAL-M-351 and SEAL-M-428. ExxonMobil will operate and the partners will maintain the same WI in each of these blocks. These new acreage positions are near several major Petrobras discoveries.

“The entry into these four blocks is consistent with Murphy’s long-term strategy of adding to our focused offshore exploration portfolio at the bottom of the cycle. We look forward to working with an experienced Brazilian exploration and production company like QGEP, as well as a world-class operator in ExxonMobil,” stated Roger W. Jenkins, president and CEO.

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