Murphy Oil Makes Its First Significant Natural Gas Discovery Off the Shore of Sabah, Malaysiaadmin
Crude oil and natural gas company Murphy Oil Corp. on Monday said it discovered “significant natural gas pay” off the shore of Sabah, Malaysia.
The company’s Rotan No. 1 exploration well made the discovery in Block H, a region where Murphy Oil acts as operator and controls an 80 percent working interest. Working interest is an operating interest burdened with the costs of development and operation. As “operator,” Murphy bears final responsibility for all operational decisions, from where to site wells to how deep to drill them and whether any discoveries have commercial potential.
The discovery marked the company’s first significant discovery in deepwater Sabah since exploration began in 1999. Sabah is on the island of Borneo.
Shares of Murphy Oil rose 18 cents to $48.88 in midday trading on the New York Stock Exchange.