Houston-headquartered oil and gas company Murphy Oil Corporation has gotten hold of approximately 2.6 million acres off the coast of Cameroon through four blocks, partnering with state-owned Société Nationale des Hydrocarbures (SNH) as it gears up to evaluate the region's hydrocarbon exploration potential.
Murphy Oil has executed four production sharing contracts, covering the Elombo, Etinde Exploration, Ntem, and Tilapia blocks, covering around 2.6 million acres offshore Cameroon.
While the company, through its subsidiary, will initially hold a 100% stake and serve as the operator of these blocks, Société Nationale des Hydrocarbures retains the right to participate in any future development with up to a 20% working interest.
The two firms will now work together to further evaluate the exploration potential of the four blocks. The portfolio expansion in Cameroon comes shortly after Murphy Oil revealed its entry into the Eastern Mediterranean with the award of six exploration licenses in Israel’s Zone G.
The company’s current offshore operations include assets in the Gulf of America (U.S. Gulf of Mexico) and Canada, as it strives to create long-term shareholder value through offshore exploration and development in the U.S. Gulf, Vietnam, and Côte d’Ivoire.