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NaveenS
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Product Manager - Derrick Petroleum Services. Working in Oil & Gas Industry for 5+ years. Contributed significantly for Database development for Upstream transactions (http://www.1derrick.com/ma-database). Initially worked as a 'Research Analyst' at Reuters. LinkedIn Profile:... More
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  • Murphy Starts Up Siakap North-Petai Field Off Malaysia 0 comments
    Mar 4, 2014 5:28 AM | about stocks: MUR, PNADF, RDS.A, COP

    Murphy Oil Corp announced that it has flowed first oil from four wells at the Siakap North-Petai (NYSE:SNP) development project off Malaysia.

    The unitized SNP field, located in approximately 4,400 ft of water, combines discoveries at Siakap North in Block K with Petai in the adjacent Block G. The overall field development plan consists of eight producing wells and five water injection wells developed as a subsea tie-back to the Kikeh FPSO vessel. Peak gross production from the field is expected to reach 35 MBOE/d by mid-2014.

    Simultaneously, Murphy Oil announced that it plans to start production from its Dalmatian gas/condensate development in the Gulf of Mexico in Apr-2014.

    Roger Jenkins, President and CEO of Murphy Oil, commented: "We are pleased to achieve first oil at the Siakap North-Petai development. This field, along with our other oil developments offshore Malaysia and Dalmatian in the Gulf of Mexico, are all key components of our 2014 production growth profile."

    SNP project ownership: Murphy Oil (32%, operator), Petronas (26%), Shell (21%) and ConocoPhillips (21%).

    In November 2012, Murphy made discovery at Dalmatian Prospect in the DeSoto Canyon protraction area.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Stocks: MUR, PNADF, RDS.A, COP
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