Exploration
deal signed with Murphy Oil subsidiary
Trinidad Express
PARAMARIBO, Suriname
Petroleumworldtt.com
06 24 07
Suriname's state oil company and US-based Murphy Exploration
and Production Co. has agreed to jointly explore a large offshore block in
the South American nation's territory.
Mark Waaldijk, managing director of Staatsolie,
said the subsidiary of Arkansas-based oil and gas
company Murphy Oil Corp. will explore and possibly
develop a 8,700 square kilometer (3,400 square
mile) block off Suriname's coast.
Since 2003, Staatsolie has signed several production
sharing deals for the potentially oil-and gas-rich
block, including some with Spanish-based Repsol
YPF and Danish oil company Maersk.
The US$40 million exploration phase could take
as long as six years, Waaldijk said. Under the
deal, Staatsolie will receive 20 per cent of the
revenue if production follows.
A spokesman for Murphy Oil did not immediately
return calls for comment.
Trinidad
Express
Wednesday, June 20th 2007
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