Oil find in Gulf of Mexico

December 1, 2006, 10:00 CET

Hydro participates with a 25 percent stake in an exploration well located in Mississippi Canyon Block 737 in the Gulf of Mexico, where operator Murphy Oil Corporation announced an oil find on Thursday.

The Thunder Ridge exploration well has been temporarily plugged and abandoned. A small oil accumulation was encountered during the drilling operation, reports Murphy Oil Corporation.

The exploration well and subsequent sidetrack were drilled in over 1,860 meters of water.   

Post-drilling analysis will continue to determine if the resources found can be commercially viable as a tie-back to another facility. Thunder Ridge lies about two miles from the recently sanctioned Thunder Hawk development that will include a stand-alone, semi-submersible floating production unit. 

Murphy is operator with a 37.5 percent working interest in the field. Partners are Dominion Exploration & Production, 25 percent, Hydro, 25 percent, and Marubeni Offshore Production, 12.5 percent.