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
The Alabama-headquartered oil producer, which claimed having 373 million barrels of oil equivalent (BOE) in proven reserves at the end of 2014, will use the funds to support increased drilling in the Midland Basin later this year.
Argentina has one of the most important non-conventional oil deposits in the world in the Vaca Muerta shale and has a huge opportunity to implement horizontal technology into already defined conventional (non-shale) resource plays
The new discovery suggests exploration activities are proceeding as planned as the company tries to move away from scandal and junk ratings.
Madalena increases production and revenues in Q1-2015, continuing its active Argentina drill program
The company said it has started operational planning related to the drilling of four strategic resource plays including additional follow-up horizontals in the Loma Montosa oil resource play.
IAS noted that Madalena’s Q1/15 average oil and gas production of 3,586 boe/d met expectations while current production has increased to approximately 4,000 boe/d
WesternZagros has a healthy balance sheet, ending the first three months of the year with US$158.6 million in cash and equivalents as well as an additional US$200 million from an undrawn credit facility.
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