The explorer has so far encountered 400 ft of reservoir pay zone in an area where it has three other producing fields. Murphy Oil to Buy Deepwater US Gulf Assets for up to $1.625 Billion The El Dorado, Arkansas-based Murphy has quickly found a home for some of the cash it will receive from the sale of its Malaysia business. The company has been rapidly expanding its US gulf footprint while simplifying its portfolio and targeting more oil. Petrobras and Shell have brought online the Lula field’s seventh FPSO as the firms continue to ramp up production from the pre-salt Santos Basin. The French major is racking up barrels of deepwater production as part of its large-scale West African push.