EL DORADO, Ark.--(BUSINESS WIRE)--Aug. 21, 2007--Murphy Oil
Corporation (NYSE:MUR) announced today that it has commenced first oil
production from the Kikeh Field, offshore deepwater Sabah, Malaysia.
The Kikeh Field is located 110 kilometers offshore in 4,400 feet
of water and is the first deepwater oil production in Malaysia. Kikeh
is developed as a stand-alone facility with oil being produced from
both subsea and dry tree wells on board a SPAR facility. The oil is
processed, stored and exported from a Floating Production Storage and
Offloading (FPSO) vessel.
"The first oil production from Kikeh, coming just five years after
discovery, is a tremendous and best-in-class achievement," said
Claiborne P. Deming, Murphy Oil Corporation's President and Chief
Executive Officer. "It would not have been possible without the
dedication and hard work of our staff and the full support of our
partners PETRONAS Carigali and Petronas, as well as the many domestic
and international subcontractors involved in this project," he added.
"Predrilled wells in the field will continue to be placed onstream
during the remainder of 2007. Meanwhile, the Kikeh Field development
is ongoing with additional wells expected to come on line throughout
2008 as we ramp up to our plateau production rate of 120,000 barrels
of oil per day," said Deming. "We also expect first sales of our
associated natural gas via a dedicated pipeline to Labuan in the first
part of 2008," he further explained.
Murphy, as Operator, has an 80% working interest in the Kikeh
Field with PETRONAS Carigali Sdn Bhd holding the remaining interest.
The forward-looking statements reflected in this release are made
in reliance upon the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. No assurance can be given that the
results discussed herein will be attained, and certain important
factors that may cause actual results to differ materially are
contained in Murphy Oil Corporation's January 15, 1997 Form 8-K report
on file with the U.S. Securities and Exchange Commission.
CONTACT: Murphy Oil Corporation
Investor/Media Relations:
Mindy West, 870-864-6315
SOURCE: Murphy Oil Corporation