Murphy Oil says Petronas terminates PSC for 2 blocks

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Murphy Oil says Petronas terminates PSC for 2 blocks

Business & Market 2010

Written by Joseph Chin

Thursday, 22 April 2010 11:36

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KUALA LUMPUR: Murphy Oil Corp says Petroliam Nasional Bhd (Petronas) has terminated the production sharing contracts for Blocks L and M as they "are no longer a part of Malaysia".

The US-based company said on its website on Wednesday, April 21 that it was informed by Petronas following the execution of the exchange of letters between Malaysia and Brunei on March 16, 2009, the offshore exploration areas designated as Block L and Block M were no longer a part of Malaysia.

"As a consequence, the production sharing contracts covering Blocks L and M, awarded in 2003 to Petronas Carigali Sdn Bhd and Murphy, were formally terminated by letter dated April 7, 2010," it said.

Murphy said its potential participation in replacement production sharing contracts covering these areas is under discussion.

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Last Updated on Thursday, 22 April 2010 11:38

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