Mitsubishi, Indian firms ‘eye Murphy Malaysian assets’

Double vision: Murphy has set its sights on twin objectives off Malaysia

Murphy Oil is attracting interest from Japanese and Indian players in its proposed sale of a stake in its Malaysian assets, according to a report.

Japan’s Mitsubishi has submitted a non-binding bid to buy the assets worth $2.5 billion, Reuters reported on Thursday, citing unidentified sources.

Indian duo Oil & Natural Gas Corporation and Oil India are also among a list of possible suitors said to be preparing to submit bids, the news wire continued.

Reuters reported in February that Murphy was looking to shed more than $2 billion-worth of assets in Asia, including up to 30% in its Malaysian operations.

The US independent’s Malaysian assets accounted for 45% of its total production in 2012.

Newsletter signup


Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?