Murphy Oil to invest in Malaysia

Murphy Oil Corp. will spend more than USD 160 million in oil exploration and development in Malaysia in 2002. Mike Shirley, general manager for Murphy Oil operations in Malaysia, has said that his company plans to drill four deep-water exploratory wells consecutively starting on 1 March 2002 in Block K, located offshore Sabah. The total investment cost is expected to be between USD 80 million and USD 90 million. Murphy Oil is considering drilling a single exploration well in the fourth quarter of next year in Block H, also located offshore Sabah. The programme for next year also includes drilling four development wells in its West Patricia site located in Block SK 309 offshore Sarawak. Murphy oil also plans to drill at least two exploration and appraisal wells in Block SK 309 and two wells in Block SK 311, which is also located offshore Sarawak. The cost of its Sarawak drilling programme is estimated to be more than USD 70 million, Shirley said.

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