US independent Murphy Oil said it will refrain from drilling expensive and risky deep-water wells in the Gulf of Mexico, at least until operational costs come down.
Murphy chief executive Roger Jenkins said on a quarterly conference call that the company is taking a hard look at its US Gulf portfolio in order to “replenish” its prospects.
“We need to take another look at all the technical work that we have done, and all the prospects that we have, and farm-in opportunities, our data sets, and take a pause in the Gulf of Mexico,” Jenkins said.
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