Murphy-Petrobras JV produces 75 MBOEPD from GOM, opens a lot of doors for Murphy
Murphy Oil (ticker: MUR) announced a major deal today, forming an offshore JV with Petrobras (ticker: PBR) that promises to transform the company.

Murphy and Petrobras will combine much of their offshore GOM assets into a new joint venture company, which will be owned 80% by Murphy and 20% by Petrobras. The JV will be a major producer in the GOM, with about 75 MBOEPD of production and 120 MMBOE of reserves. Petrobras will contribute the majority of these assets, as Murphy is currently producing 19 MBOEPD from the Gulf and holds 36 MMBOE of reserves. Petrobras will also contribute its deepwater exploration blocks, but both companies will retain their other e...

Legal Notice