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Murphy Oil’s focus is finding oil and natural gas, and that is primarily done through an exploration program that
is centered on deepwater Gulf of Mexico and international prospects. Murphy’s strategy is growth through the drill bit and
we position ourselves for this growth by being a nimble and capable operator, taking large and meaningful working interests
and actively exploring our focus areas. In addition to our exploration opportunities in North America, we believe there
are many opportunities for significant oil and gas discoveries in other parts of the world, as evidenced by the level of
our activity offshore Malaysia.
During 2006, Murphy produced just over 100,000 barrels of oil equivalent a day. Production for 2007 is forecasted to be between
95,000 and 105,000 barrels of oil equivalent per day. However, with Kikeh production added to our mix, expected onstream in the
second half of 2007, Murphy’s production volumes will meaningfully increase in the near future. Once the field reaches plateau
levels of a gross 120,000 barrels a day of production, Murphy’s net should be in the range of 80,000 barrels per day – or almost
double current production levels.
Other projects will be added to our production profile as well, including the Thunder Hawk and Thunder Bird fields in the
deepwater Gulf of Mexico, Malaysia natural gas sales from some of our many discoveries on our acreage offshore Sarawak, and
Azurite Marine in the Republic of Congo.
While these projects move from exploration into the development phase, Murphy will continue to be an active explorer of our
worldwide acreage position to capture our next layer of opportunities.
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