Murphy finds more oil offshore southern Vietnam

Murphy Oil has discovered oil with the CM-1X well in the Nam Con Son basin offshore southern Vietnam.

The company will continue to assess the commercial potential of the block, which includes the successful CT-1X discovery well drilled in the second quarter.

In Vietnam’s offshore Cuu Long basin, Murphy is working with its partners on the block 15-1/05 LDV discovery for a declaration of commerciality in 2018, and also plans a nearby exploration well, while continuing to pursue entry into the adjacent 15-2/17 block.

During the third quarter, the company entered into a farm-in agreement with Queiroz Galvão Exploração e Produção (QGEP) to acquire a 20% interest in blocks SEAL-M-351 and SEAL-M-428 in the deepwater Sergipe-Alagoas basin offshore Brazil.

In a separate but related transaction, ExxonMobil Exploração Brasil has farmed into the remaining 50% interest as the operator (QGEP retains 30%).

In addition, Murphy and its co-venturers were the high bidder for the adjacent blocks SEAL-M-501 and SEAL-M-503 in Brazil’s Round 14 lease sale. ExxonMobil will operate, and each company will maintain the same working interest in each of these blocks.