Petrobras, Murphy Oil Form Joint Venture In Gulf Of Mexico

Oct 11 13:10 2018 Print This Article

Brazil’s state-controlled oil company Petrobras is forming a joint venture (JV) with Murphy Oil Corp. (NYSE: MUR) to explore oil and gas fields in the Gulf of Mexico (GoM), the Brazilian company said Oct. 10 in a securities filing.

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

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

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