New Joint Venture between Petrobras and Murphy

Brazilian Petrobras and the U.S. oil company Murphy Oil have formed a Gulf of Mexico-focused joint venture company. Murphy has an 80% stake and Petrobras a 20% stake. In detail, Petrobras and Murphy also signed an “LLC Agreement, a Master Service Agreement (MSA) and a Transition Services Agreement (TSA). The JV will have an estimated average production of approximately 75 thousand barrels of oil equivalent per day.