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%.

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