Petrobras Forms JV with Murphy in Gulf of Mexico

Thursday, October 11, 2018

Brazil's state-controlled oil company Petroleo Brasileiro SA is forming a joint venture with Murphy Oil Company to explore oil and gas fields in the Gulf of Mexico, the Brazilian company said on Wednesday in a securities filing.

According to the filing, Petrobras, as the Brazilian company is known, will have a 20 percent stake in the joint venture, and Murphy will have 80 percent. Petrobras will receive $1.1 billion in the transaction, the filing added.

Both companies will contribute with all their producing assets in the Gulf of Mexico for the joint venture. The joint venture will have a production of 75,000 barrels of oil equivalent per day during the fourth quarter, according to the filing.

The deal is one of the few Petrobras has been able to pull off since Supreme Court justice Ricardo Lewandowski decided in June that all sales of subsidiaries should go through the Congress. The company is far from reaching its goal of selling $21 billion in assets in 2017 and 2018.


(Reporting by Tatiana Bautzer Editing by James Dalgleish)

Categories: North America Oil Offshore Offshore Energy Geoscience Industry News

Related Stories

SBM Offshore Starts Construction of FSO for Trion Oil Field off Mexico

Brownfield Output Decline Accelerates, says IEA

Hanwha Ocean Enlists ABB for Singapore’s First Floating LNG Terminal

Synergy Marine Group Completes Conversion of LNG Vessel to FSRU

Yinson, PTSC Get $600M Contract for Vietnam-Bound FSO

China Rolls Out 17MW Floating Wind Turbine Prototype

Woodside Finds South Korean Partners to Advance LNG Value Chain

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

MODEC and Terra Drone Renew FPSO Drone Inspection Partnership

Fugro Lands Deepwater Gas Field Job in Southeast Asia

Current News

MODEC Ramps Up Hammerhead FPSO Work After ExxonMobil's Go-Ahead

Aesen, DOC JV Targets Subsea Cable Logistics

Timor Gap Boosts Stake in Finder Energy’s Timor-Leste Oil Fields

SBM Offshore Starts Construction of FSO for Trion Oil Field off Mexico

Russia Targets 2028 for Sakhalin-3 Gas Project Start Up

Seatrium Secures ABS Backing for Deepwater FPSO Design

MDL Secures Cable Laying Job in Asia Pacific

Hibiscus Petroleum Starts Drilling at Teal West Field off UK

Yinson Production Nets DNV Approval for New FPSO Hull Design

Hanwha Ocean's Tidal Action Drillship Starts Maiden Job with Petrobras

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com