EL DORADO, Ark.--(BUSINESS WIRE)--Aug. 10, 2009--
Murphy Oil Corporation (NYSE:MUR) announced that initial oil production
has commenced at its Azurite field in the Mer Profonde Sud (MPS) block,
in territorial water (Atlantic Ocean) of the Republic of Congo
(Brazzaville). Azurite, initially discovered in 2005, marks the
Company’s first operated development in the West Africa region.
The Azurite development is located in about 4,500 feet of water and
utilizes the industry’s first Floating Production Storage and Offloading
facility with drilling capability (FDPSO). The FDPSO has storage
capacity of 1.3 million barrels of oil and the capability to process
40,000 barrels of oil per day and is being used for drilling and
completing the production and injection wells.
Murphy Oil Corporation’s President and Chief Executive Officer, David M.
Wood, said, “The Azurite project marks an innovative approach to
minimizing the cost and maximizing the value of a deepwater development.
Production from the field will continue to ramp up for the remainder of
the year as additional wells are brought on stream.”
This press release contains forward-looking statements as defined in
the Private Securities Litigation Reform Act of 1995. These
statements, which express management’s current views concerning future
events or results, are subject to inherent risks and uncertainties. Factors
that could cause actual results to differ materially from those
expressed or implied in our forward-looking statements include, but are
not limited to, the volatility and level of crude oil and natural gas
prices, the level and success rate of our exploration programs, our
ability to maintain production rates and replace reserves, political and
regulatory instability, and uncontrollable natural hazards. For
further discussion of risk factors, see Murphy’s 2008 Annual Report on
Form 10-K on file with the U.S. Securities and Exchange Commission. Murphy
undertakes no duty to publicly update or revise any forward-looking
statements.
Source: Murphy Oil Corporation
Murphy Oil Corporation
Dory Stiles, 870-864-6496
murphyoil@murphyoilcorp.com
http://www.murphyoilcorp.com