McMoRan engage in the exploration, development and production of oil and natural gas offshore in the Gulf of Mexico and onshore in the Gulf Coast area. Our exploration strategy is focused on the “deep gas play,” drilling to depths of 15,000 to 25,000 feet in the shallow waters of the Gulf of Mexico and Gulf Coast area to target large structures in the Deep Miocene, and on the “ultra-deep gas play” below 25,000 feet. We have one of the largest acreage positions in the shallow waters of these areas, which are our regions of focus.
17/04/12McMoRan Exploration posts Q1 profit, revenues fall
19/07/11McMoRan widens Q2 losses
20/09/10Plains Exploration sells shallow water Gulf of Mexico assets to McMoRan for $818m in cash and stocks
19/01/10McMoRan Exploration reports 271.9 bcfe year end gas reserves, hits major didscovery at Davy Jones
Recent Sector News
Striker Exploration (CVE:SKX) had its “buy” rating and C$4.00 price target maintained at Dundee Capital Markets, which cited overall positives in the the junior Canadian oil and gas company’s recent year-end reserves and operational update.
CNOOC’s move is unexpected given that the oil-trading division is profitable, as its earnings are based far less on commodity prices themselves than they are on price spreads.
Average daily production rose to 10,888 barrels of oil equivalent per day (boe/d) from 2,155 boe/d, as the company completed two acquisitions in Wainwright, Alberta during the third quarter of last year.
Alongside the U.S., Argentina is one of the most important growth regions in the field of unconventional oil and gas production, and has been a hotbed of drilling activity in recent years.
WesternZagros Resources (CVE:WZR) says it is fully funded for its 2015 capital program, after achieving its first light oil production from its Sarqala-1 well at its Garmian block in Iraq last month, which marked its transition from an explorer to a producing oil company.
The company, which has dominant positions in four of Canada's largest light oil fields, said production for the fourth quarter was 97,143 barrels of oil equivalent per day (boe/d), 4 percent below Dundee's estimate and 2 percent short of consensus.
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