Murphy details 2024 priorities for GoM exploration, development

Jan. 25, 2024

Murphy Oil’s offshore production from the US Gulf of Mexico (GoM) averaged 81,000 boe/d during fourth-quarter 2023, according to the company’s latest results statement.

Related To: Murphy Oil Corp.

Murphy produces oil and natural gas from several operated and non-operated fields across more than 100 blocks in the Gulf of Mexico.

Offshore staff

EL DORADO, ARK — Murphy Oil’s offshore production from the US Gulf of Mexico (GoM) averaged 81,000 boe/d during fourth-quarter 2023, according to the company’s latest results statement.

The company brought online the Dalmatian #1 (Desoto Canyon 90) well and drilled and completed the Marmalard #3 (Mississippi Canyon 255) well. It also plugged and abandoned the Oso #1 (Atwater Valley 138) exploration well, which encountered non-commercial hydrocarbons.

This year Murphy has budgeted capex for its global activities in the range $920 million to $1.02 billion. It plans to allocate about $300 million to GoM development drilling and field development projects, including operated and non-operated subsea tiebacks and advancing the non-operated St. Malo waterflood project toward startup later in the year.

Anticipated first-quarter GoM downtime includes 6 MMboe/d associated with wells currently offline and scheduled for workovers, with production likely to resume by mid-year.

A further 5 MMboe/d relates to planned facility and downstream maintenance, and 2 MMboe/d caused by downtime to repair damaged subsea equipment serving the Mormont Field.

Elsewhere, Murphy has allocated $25 million of capex to activities offshore eastern Canada, mainly its share of development drilling at the Hibernia Field.

A further $45 million will go toward offshore development, mainly initial activities for the company’s Lac Da Vang Field development offshore Vietnam.

It has budget $120 million for exploration in 2024, including two exploration wells in Vietnam and two more in the GoM.

01.25.2024