Murphy Oil subsidiary, Murphy Exploration & Production Company – USA, closed the transaction for the sale of its entire 50% stake in the Kin's Quay floating production system and associated export lateral pipelines in the Gulf of Mexico.
The King's Quay FPS will be co-owned in a joint venture with entities managed by Ridgewood Energy Corporation, including ILX Holdings III.
King's Quay FPS is designed to process 80 thousand barrels of oil per day and 100 million cubic feet of natural gas per day, and will handle the anticipated production from the Khaleesi / Mormont and Samurai fields.