Murphy, PTTEP win Block WA-423-P off Australia

In the 2008 Australian bidding round, the partnership of Murphy Oil and Thailand's PTTEP won an offshore Australian block said to possess high hydrocarbon potential.

By an OGJ correspondent
BANGKOK, Nov. 23 -- In the 2008 Australian bidding round, the partnership of Murphy Oil Corp. and Thailand's PTT Exploration & Production PLC (PTTEP) won an offshore Australian block said to possess high hydrocarbon potential.

Murphy has a 70% holding in the WA-423-P acreage and will be the operator, while PTTEP owns a 30% share, PTTEP said.

Block WA-423-P, covering an area of about 4,000 sq km, is in the Browse basin off the northwestern coast of Australia, where several large natural gas fields have been discovered. It is near the 4,000 sq km Block AC/P36, where PTTEP farmed in for a 20% stake a year ago in partnership with Murphy Oil and Finder Exploration, each holding 40%.

The WA-423-P joint venture will conduct 3D seismic survey and drill at least one exploration well in the tract during the first 3 years.

The acquisition of Block WA-423-P came a week after Murphy, PTTEP, and Inpex Corp, of Japan were awarded the 3,379-sq-km offshore Block Semai II southwest of West Papua off Indonesia in the 2007 Indonesia petroleum bidding round (OGJ Online, Nov. 13, 2008).

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