Murphy Oil Corporation has signed four production sharing contracts covering approximately 2.6 million acres offshore Cameroon, expanding its offshore exploration portfolio.
The agreements cover the Elombo, Etinde Exploration, Ntem and Tilapia blocks, with Murphy initially holding a 100% working interest through its subsidiary and serving as operator, the company announced on November 11.
Cameroon's Société Nationale des Hydrocarbures (SNH) retains the right to acquire a working interest of up to 20% in any future development.
Murphy and SNH will now work together to further evaluate the exploration potential of the four blocks.
The company did not disclose financial terms, exploration commitments or drilling schedules associated with the contracts.