Congo (Brazzaville): Murphy to take Azurite charge

By OGJ editors

Murphy Oil Corp., El Dorado, Ark., said it will take a $370 million noncash charge to fourth quarter 2011 earnings related to Azurite oil field offshore Congo (Brazzaville).

The charge relates to an asset impairment due to lower than expected production rates and ultimate oil recovery from the field, a 2005 discovery in the Lower Miocene.

Murphy West Africa Ltd. is operator of Azurite field with 50% interest, PA Resources AB has 35%, and Soc. Nat. Petroles du Congo has 15%.

Related Articles

Cenovus gets AER approval for Grand Rapids oil sands project

03/21/2014 Cenovus Energy Inc. reported that it has received approval from the Alberta Energy Regulator (AER) for its wholly owned Grand Rapids thermal oil sa...

Mexican official vows careful energy regulation, transparency

02/24/2014 Mexico's government realizes it's crucial to establish competitive contract terms and effective, transparent regulations to attract international i...

California enacts interim emergency rules for well stimulation treatments

02/01/2014 Since 2010, more than 20 states have adopted new laws or regulations specific to hydraulic fracturing, a technology that, along with horizontal dri...

Imperial Oil files applications for Aspen oil sands project

12/19/2013 Imperial Oil Limited, Calgary, has filed regulatory applications for a new oil sands project that would have three phases of 45,000 b/d each and us...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected