Murphy Oil chief says time ripe to invest again in deep-water exploration

Murphy Oil chief says time ripe to invest again in deep-water exploration

The head of American petroleum and natural gas explorer Murphy Oil says now is the moment to invest in deep-water offshore projects.

Speaking at the Offshore Technology Conference in Houston, Texas, CEO Roger Jenkins said that his company is ready to move back towards its signature offshore business after diverting its attention to onshore acreages for a while.

Jenkins said now is a buy-low opportunity and El Dorado, Arkansas-headquartered Murphy has begun to put that into practice after recently winning a bid for acreage offshore Mexico.

He said there had been a 30-month downturn in deep-water prices and that was primed for an upturn.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.

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