Murphy Oil’s fourth-quarter and full-year 2025 update outlines continued momentum in its deepwater strategy, with new discoveries in the US Gulf, expanded frontier exposure in Morocco, and ongoing exploration efforts offshore West Africa.
Murphy delivers two fresh deepwater oil hits in US Gulf
Murphy Oil has confirmed two new oil discoveries in the US Gulf of Mexico.
The Cello #1 and Banjo #1 infrastructure led-wells, spudded during fourth-quarter 2025, delivered 30 ft and 50 ft net pay, respectively.
Both will be tied back to the Delta House floating production system (FPS) to support continued operational stability.
Last year, the company also acquired the Pioneer FPSO from BW Offshore. This should help extend the economic life of the Cascade & Chinook Field and strengthen returns from the Chinook #8 development well, due to go onstream later this year, the company said.
In December, Murphy was declared the apparent high bidder for leases on 14 blocks under the federal offshore lease sale in the US Gulf.
New deal marks Murphy’s entry into Morocco’s frontier offshore sector
The company has signed a petroleum agreement giving it a 75% operated position in Morocco’s Gharb Deep Offshore deepwater block, which spans an area of more than 4 million acres. State-owned ONHYM holds the remaining 25%.
There is no firm well commitment in the initial three-year exploration phase.
“We are excited about our entry into Morocco, which offers exposure to exploration in a frontier basin with attractive entry costs and competitive terms," President and CEO Eric Hambly said. “This entry is consistent with our strategy of developing a diverse exploration portfolio that balances risk, material upside and value.”
Non-commercial hydrocarbons found offshore Côte d’Ivoire
Following the company’s recent unsuccessful well on the deepwater Civette prospect offshore Côte d'Ivoire, the rig will next test the Caracal and Bubale structures, with each well targeting an independent play.
