Murphy Oil to Buy LLOG's GoM Assets

April 23, 2019

File photo: LLOG
File photo: LLOG

Oil and gas producer Murphy Oil Corp said on Tuesday it would buy Gulf of Mexico assets from LLOG Exploration Offshore and LLOG Bluewater Holdings for at least $1.38 billion in cash in a move to strengthen its position in the region that saw record production last year.

Murphy, which also has operations in Canada, Brazil and other regions, has said it would focus on the Western Hemisphere - mostly on the Eagle Ford basin in Texas and the U.S. Gulf of Mexico - for future exploration and production deals.

It has been increasing its deepwater, oil-weighted Gulf of Mexico assets in recent months, while looking to divest a portfolio of its assets in Malaysia.

The deal will add about 32,000 net barrels to 35,000 net barrels of oil equivalent per day (boepd) this year to Murphy's Gulf of Mexico production, which constitutes about 60 percent oil.

Earlier this month, Chevron Corp said it would acquire Anadarko Petroleum Corp for $33 billion, which adds to the oil major's deepwater investments in the Gulf of Mexico.

Murphy said it would fund the acquisition with a combination of cash on hand and debt under the company's $1.6 billion revolving credit facility. 


(Reporting by Shradha Singh; Editing by James Emmanuel)



Current News

ROVOP Opens Rotterdam Office

ROVOP Opens Rotterdam Office

Newpark Eyes Deepwater Opportunities

Newpark Eyes Deepwater Opportunities

BMT Unveils New Vessel Designs

BMT Unveils New Vessel Designs

Engie, EDP to Form 50-50 Offshore Wind JV

Engie, EDP to Form 50-50 Offshore Wind JV

Equinor Dishes $80 Mln Johan Sverdrup Contract

Equinor Dishes $80 Mln Johan Sverdrup Contract

Petrobras Eyes $9 Bln Transfer-of-rights Addendum

Petrobras Eyes $9 Bln Transfer-of-rights Addendum

Sonardyne Acquires EIVA

Sonardyne Acquires EIVA

Subscribe for OE Digital E‑News

OE Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week