According to Murphy Oil President and CEO Claiborne P. Deming, “We are extremely pleased to receive the FDP approval by Petronas [and] it is an outstanding accomplishment for all stakeholders to have FDP approval within two years of initial discovery.”
“Our target is for first oil in 2007, which is within five years from the initial discovery,” he added.
In a statement Murphy Oil said, “A production plateau of 120,000 gross barrels of oil per day is targeted within two years of first oil and is expected to continue at that level for six years.”
“The FDP assumes a recoverable reserve base of over 400 million barrels and includes field architecture which will accommodate expansion. Project capital expenditures are projected to cost approximately US$1.4 billion,” it added.
Murphy Sabah is the operator and has an 80% working interest in the four million acre block with Petronas Carigali holding the balance.
