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Murphy Oil Corporation has announced the purchase of a floating production storage and offloading vessel for $125 million. This move aims to cut operational costs by $60 million annually and increase reserves. The vessel will support Gulf of Mexico operations and is expected to be operational by mid-2025.1

Murphy Oil’s CEO, Eric Hambly, revealed that the FPSO acquisition will yield a two-year payback period, independent of oil prices. The vessel will boost production efficiency and support infield development. The company also reaffirmed its 2025 capital expenditure guidance, emphasizing its focus on long-term growth.1

Murphy Oil’s restructuring of its contract with BW Offshore includes a five-year operations and maintenance agreement. The deal ensures operational continuity in the Gulf of Mexico while significantly reducing costs. This strategic move aligns with the company’s broader financial and operational goals for 2025.1