Cameroon: Murphy pulls out of Ntem
Issue 295
- 27 Feb 2015
| 1 minute read
Operator Murphy Oil has pulled out of the offshore Ntem Block, transferring its 50% stake to Sterling Energy at no cost to Sterling. The Bamboo exploration well drilled in H1 2014 failed to find hydrocarbons, and the block is the subject of overlapping border claims by Cameroon and Equatorial Guinea. Force majeure was lifted on the block in January 2014 by agreement with Cameroon’s Société Nationale des Hydrocarbures (SNH) to enable drilling to go ahead, though the well was outside the affected area.
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