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Murphy Oil entered into a definitive agreement to acquire deep water Gulf of Mexico assets from LLOG Exploration Offshore and LLOG Bluewater Holdings for $1.375 billion.
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Murphy Oil reported the sale of its two primary Malaysian subsidiaries, Murphy Sabah Oil and Murphy Sarawak Oil to PTT Exploration and Production Public Company for $2.1 billion.
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Murphy Oil and Petrobras entered into a definitive agreement to form a new joint venture comprised of Gulf of Mexico assets from Murphy and Petrobras with Murphy overseeing operations. The deal contains an effective date of October 1, 2018, and is expected to close by year-end 2018.
Murphy Oil will pay $900 million to Petrobras, who will earn an additional contingent consideration of up to $150 million if certain price and production thresholds are exceeded between 2019-2025. The deal also sees Murphy receive 41 Mboe/d to their Gulf of Mexico production while also adding roughly 60 MMboe of proven reserves and 86 MMboe of proven and profitable reserves (97% oil).