Murphy plans wells on two GoM prospects close to Delta House platform

Gulf of America?

The Associated Press weighs in: "President Donald Trump has signed an executive order to rename the Gulf of Mexico to the Gulf of America. The body of water has shared borders between the US and Mexico. Trump’s order only carries authority within the United States. Mexico, as well as other countries and international bodies, do not have to recognize the name change. The Gulf of Mexico has carried that name for more than 400 years. The Associated Press will refer to it by its original name while acknowledging the new name Trump has chosen."

Murphy has budgeted about $410 million for its US Gulf of Mexico (GoM) development drilling and field development capex projects this year, according to the company's recent fourth-quarter earnings report.

Late last year, the company sanctioned the non-operated Zephyrus development in the GoM, with first oil planned in the second half of 2025.

During fourth-quarter 2024, the company also drilled and began completing the Mormont #4 (Green Canyon 478) well, and it continued operations on the Samurai #3 (Green Canyon 432) well workover.

Murphy has allocated $20 million of capex offshore eastern Canada, mainly for its share of development drilling at the non-operated Hibernia field.

It has budgeted a further $115 million for its activities offshore Vietnam and Côte d’Ivoire. The program in Vietnamese waters includes $20 million for the Lac Da Vang project development drilling and $90 million for Lac Da Vang field development work.

A further $5 million will go toward the Paon field development offshore Côte d’Ivoire.

Murphy has also set aside $145 million for exploration this year, which includes two operated exploration wells in the Gulf of Mexico and Lac Da Hong-1X exploration well and Hai Su Vang appraisal well, both offshore Vietnam.

The two GoM prospects are both close to the company’s Delta House floating production system. The Cello #1 well in Mississippi Canyon 385 is due to spud during the second quarter, while Banjo #1, in the same concession, should start drilling this summer.

Recently, the company received final seismic data and completed reprocessing ahead of a planned three-well exploration drilling campaign offshore Côte d’Ivoire.

According to other quarterly updates...

Hess' GoM exploration well a dud

Hess, in its recent result statement, revealed that its Vancouver exploration well in Green Canyon Block 287 in the GoM did not encounter commercial voilumes of hydrocarbons.

Hess also started production from its Pickerel-1 oil discovery in Mississippi Canyon Block 727 in the GoM via a tieback to the Tubular Bells production complex last year.

Petrobras keeping busy offshore Brazil

Petrobras says it added 1.3 BBoe to its reserves of oil, condensate and natural gas last year. The increase was due mainly to progress in the development of the Atapu and Sépia fields, and good performance of the Búzios, Itapu, Tupi (and Sépia) fields, all in the presalt Santos Basin offshore Brazil.

As of Dec. 31, 2024 the company’s overall reserves stood at 11.4 BBoe.

Petrobras notched a new record last year for both its own and operated production from presalt fields offshore Brazil (2.2 MMboe/d and 3.2 MMboe/d, respectively). Presalt volumes also accounted for 81% of the company's overall production.

Recently, Petrobras initiated the binding phase of an offer of its 25% stake in the producing Tartaruga oil and gas field in the shallow-water Sergipe-Alagoas Basin. SPE Tiêta (controlled by Petrorecôncavo) is the operator.

In addition, Petrobras announced last week that, on behalf of the Tupi field consortium, the company has extended the charter period of the FPSO Cidade de Angra dos Reis vessel by an additional five years, until 2030. The Brazilian state operating company says it recently signed amendments to the charter and service agreements for the FPSO, located in the Tupi field, with Tupi Pilot MV 22 B.V. and Modec Serviços de Petróleo do Brasil Ltda.