Murphy Oil, Petrobras in Gulf of Mexico joint venture

BW Pioneer FPSO photo

The U.S. oil company Murphy Oil has said it will form a joint venture company with Petrobras America, a U.S. subsidiary of the Brazilian oil company Petrobras.

The two companies have signed a definitive agreement to create a joint company comprised of all of Murphy’s and Petrobras’ Gulf of Mexico assets. Murphy will be overseeing the operations.

The joint venture company will be owned 80 percent by Murphy and 20 percent by Petrobras.

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