Murphy cuts budget by 62%

March 20, 2016

I don’t know whether they mean Malaysia opns, or worldwide opns.

Dateline 2016-01-27, Asia Oil & Gas:

Sarawak gas project operator, US-based Murphy Oil Corp., reported net loss of US$2.27 billion for 2015, plus cuts budget by more than half.

The company plans to reduce capital expenditure this year to $825.0 million, approximately 62% lower than the $2.19 billion spent in 2015.

About 45% will be allocated towards offshore spending, 41% towards Eagle Ford Shale and 14% for onshore work in Canada.

Production for Q1 2016 is estimated in the range of 190,000-194,000 boe/d with full year production to be between 180,000-185,000 boe/d.

“We remain focused on driving down operating and G&A costs across all segments of our business,” said Roger W. Jenkins, president and CEO of Murphy. “The cost reductions better positions the company to weather the anticipated ‘lower for longer’ commodity price environment.”


Murphy Updates on Malaysian Ops, Makes Gas Find at Permai Well Off Sabah

August 27, 2015

Dateline 2015-07-30, Rigzone:

Murphy Oil Corp. completed a five-well drilling campaign at the Belum gas field in shallow water offshore Sarawak, east Malaysia in the second quarter of 2015, the company said in its quarterly results Wednesday.

The U.S. independent oil company indicated that the “Belum field has lower nitrogen content that will blend into our current gas production fields and allow us to de-risk our 250 million cubic feet per day (MMcf/d) contractual volume on demand.”

Murphy, currently drilling oil wells at the Permas shallow water development, added that Sarawak gas production for the second quarter was 111 MMcf/d and liquids production was around 14,700 barrels of oil per day (bopd.)  Meantime, the firm successfully finalized the planned outage in early second quarter at its Sarawak facilities to complete regulator-required inspections and major maintenance.


Murphy Closes Sale of 30% of its Malaysian Oil, Gas Assets to Pertamina

April 3, 2015

Apa khabar, Bapak2 dan Ibu2?

Dateline 2015-01-30, Rigzone:

Murphy Oil Corporation announced Thursday that its wholly owned subsidiaries, Murphy Sabah Oil Co., Ltd. and Murphy Sarawak Oil Co., Ltd. (collectively Murphy), have closed on the second phase of the sale of 30 percent of Murphy’s Malaysian oil and gas assets to PT Pertamina Malaysia Eksplorasi Produksi (Pertamina).

The second phase covers the remaining one-third of the transaction or 10 percent of Murphy’s Malaysian oil and gas assets. The first phase for two-thirds of the transaction closed on Dec. 18, 2014. The total transaction for 30 percent of Murphy’s Malaysian oil and gas assets had an aggregate sale price of $2.0 billion, subject to normal closing adjustments, with an effective date of Jan. 1, 2014.

 


Murphy Oil Corporation Closes First Phase Of Partial Divestiture Of Malaysian Assets

March 7, 2015

Dateline 2014-12-18, Marketwatch:

Murphy Oil Corporation MUR, +2.82% announced today that its wholly owned subsidiaries, Murphy Sabah Oil Co., Ltd. and Murphy Sarawak Oil Co., Ltd. (collectively “Murphy”), have closed on the first phase of the sale of 30% of Murphy’s Malaysian oil and gas assets to PT Pertamina Malaysia Eksplorasi Produksi (“Pertamina”) that was originally announced on September 30, 2014. The first phase covers two-thirds of the transaction or 20% of Murphy’s Malaysian oil and gas assets with the remaining portion scheduled to close in the first quarter of 2015. The transaction has an aggregate purchase price of $2.0 billion and an effective date of January 1, 2014.

 


PT Pertamina to acquire Malaysian assets for $2 billion

December 9, 2014

Date 2014-09-30, Oil & Gas Journal:

PT Pertamina Malaysia Eksplorasi Produksi has agreed to acquire 30% of the Malaysian oil and gas assets belonging to Murphy Sabah Oil Co. Ltd. and Murphy Sarawak Oil, both wholly owned subsidiaries of Murphy Oil Corp., for $2 billion in cash.

The two companies will work jointly in a long-term partnership in which Murphy will remain operator. Murphy says it will continue to execute its development plans and expand through future exploration in both deepwater and shallow-water Malaysia.

Roger W. Jenkins, Murphy president and chief executive officer, commented, “We are excited to strengthen our partnership with Pertamina and look forward to working with them and our other partners in Malaysia.

“We will continue to evaluate all aspects of our portfolio,” Jenkins added. “This transaction allows us to redeploy the proceeds through an individual or combination of strategic and financial initiatives such as increased drilling capital in the Eagle Ford shale, acquisition opportunities, debt reduction and share repurchases.”

The deal, subject to approval from Malaysia’s state owned Petronas, is effective Jan. 1. The first and second phases are expected to close in fourth-quarter 2014 and first-quarter 2015, respectively.


Petrovietnam eyes stake in Murphy Oil’s Malaysian assets

October 30, 2014

Dateline 2014-08-14, Reuters:

Petrovietnam has bid for a stake in Murphy Oil Corp’s Malaysian oil and gas assets, challenging other suitors including Mitsubishi Corp and Indian state oil companies, a person with direct knowledge of the plan said.

The state oil company’s bid comes as Vietnam, the third largest holder of crude oil reserves in Asia, seeks to reverse a steady decline in its oil output over the past decade. Murphy Oil and other U.S. oil companies are reducing overseas holdings as oil and gas exploration prospects improve at home.

 


ONGC denies bidding for Murphy Oil’s Malaysia assets

October 19, 2014

Dateline 2014-08-07, Daijiworld (wha?):

State-run explorer Oil and Natural Gas Corp (ONGC) Thursday described as “unsubstantiated media speculations” recent reports on its bid for Murphy Oil’s Malaysia assets.
A foreign agency had reported that explorers ONGC and Oil India (OIL) had made a $105 billion joint bid for Murphy Oil Corp’s Malaysian oil and gas assets.
“ONGC/ONGC Videsh, as a policy do not comment on unsubstantiated media/market speculations,” ONGC said in a stock exchange filing.