Murphy Adding Block in Iraq's Kurdistan

Source: Reuters 3/29/2011, Location: Middle East

Murphy Oil Corp, a U.S. oil and gas company in the process of shedding its refining assets, said it is adding to its position in Iraq's Kurdistan, where it recently began operations.

"We have a second block that we are about to sign," David Wood, the company's chief executive officer, told the Howard Weil Energy Conference.

In November, Murphy finalized an agreement with the Kurdistan Regional Government-Iraq for 50 percent of the Central Dohuk block, an area covering 619 square kilometers (240 sq miles).

In July, Murphy announced plans to sell its three refineries to focus on oil and gas exploration and its retail business. Wood told investors that the company has seen "a fair amount of interest" in the plants and a deal may come in the second quarter.

Shares of the El Dorado, Arkansas company were down 13 cents, or less than 1 percent, at $71.74 in morning New York Stock Exchange trading.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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