Murphy Oil closes first phase of partial divestiture of Malaysian assets
Murphy Oil closes first phase of partial divestiture of Malaysian assets
EL DORADO, Arkansas -- Murphy Oil Corporation's wholly owned subsidiaries, Murphy Sabah Oil Co., Ltd. and Murphy Sarawak Oil Co., Ltd., have closed on the first phase of the sale of 30% of Murphy's Malaysian oil and gas assets to PT Pertamina Malaysia Eksplorasi Produksi.
The first phase covers two-thirds of the transaction or 20% of Murphy's Malaysian oil and gas assets with the remaining portion scheduled to close in the first quarter of 2015.
The transaction has an aggregate purchase price of $2.0 billion and an effective date of Jan. 1, 2014.
Roger W. Jenkins, Murphy's President and CEO, commented, "I am pleased to close on the first phase of this important transaction with Pertamina that marks the value of our long term Malaysian business. Obtaining the required approvals on schedule illustrates our long history and close working relationship with PETRONAS. We look forward to working with Pertamina and all of our partners in Malaysia as we move forward with our exploration and development plans in the region."
