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
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Amid a plunging oil price, Ivanhoe Energy's (TSE:IE) (NASDAQ:IVAN) shares plummeted after the heavy oil explorer and developer said that without additional financing, it has "significant doubt" as to its ability to continue operations.
The permits add a combined 36,781 acres to TAG's Taranaki Basin portfolio, and are located in an established oil and gas production fairway near producing oil and gas fields, TAG said.
BP (NYSE:BP), the British oil major, will cut hundreds of jobs across its global oil and gas business by the end of next year in a $1 billion restructuring program announced today following steep falls in oil prices. A company spokesman said the bulk of the costs will go towards staff redundancies in all segments, including oil exploration and production, refining and trading and administration.
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