Murphy Oil believes that its oil and gas exploration activities in Malaysia, in conjunction with Petronas, will exceed $US421 million for 2004. However, the US company has already factored that cost, along with Petronas's contributions, into its budget for the coming year.
The company is currently conducting joint exploration of eight offshore blocks with the Malaysian state-owned company and earlier this month announced that it had discovered two new oil finds off the coast of Sabah.
Its find in Block K last year off the coast of Sabah, has estimated crude reserves of around 400 million to 700 million barrels.
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