Murphy Brazil Exploração E Produção De Petróleo E Gás Ltda., a wholly owned Brazilian subsidiary of Murphy Oil Corp. (NYSE: MUR), has entered into a farm-in agreement with Queiroz Galvão Exploração e Produção SA (QGEP) to acquire a 20% working interest (WI) in Blocks SEAL-M-351 and SEAL-M-428, located in the deep water 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 kilometers (50 to 60 miles) off the coast of Brazil and cover a total area of approximately 1,500 square kilometers (580 square miles).
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.
Murphy Oil Corp. is a global independent oil and natural gas exploration and production company. The company’s resource base includes offshore production in Southeast Asia, Canada and Gulf of Mexico, as well as North America onshore plays in the Eagle Ford Shale, Kaybob Duvernay and Montney.