Petrovietnam Bids for Murphy's Malaysian Assets

Source Reuters
Company PetroVietnamMitsubishi CorporationMurphy Oil Corporation 
Tags Deal Rumours, Upstream Activities
Date August 14, 2014

(Reuters) - State-owned Petrovietnam has bid for a stake in Murphy Oil Corp's Malaysian oil and gas assets, challenging other suitors including Mitsubishi Corp and Indian state oil companies, a person with direct knowledge of the plan said.'

Petrovietnams offer is more than the $1.5 billion bid placed by the Indian consortium of Oil & Natural Gas Corp and Oil India Ltd, said the person, who declined to be identified as the sale process is confidential.

Arkansas-based Murphy Oil - which has interests in oil and gas fields in Malaysia, Vietnam, Indonesia, Brunei and Australia - is seeking buyers for a 30 percent interest in its Malaysian assets, Reuters previously reported.

The bid for the purchase comes as Vietnam, the third largest holder of crude oil reserves in Asia, seeks to reverse a steady decline in its oil output over the past decade.

"They are waking up to the fact other state companies in the region have left them behind," the person said.

If successful, the deal would mark Vietnam's biggest ever corporate acquisition, ahead of French firm Perenco SA's $1.29 billion purchase of  ConocoPhillips' Vietnam operations in 2012, according to Thomson Reuters data.

Murphy Oil did not respond to an email seeking response, sent outside of business hours.

Petrovietnam chief executive referred Reuters to its overseas development unit, whose chairman could not be reached for comment.

Petrovietnam also did not respond to an official letter seeking information on its bid for the holding in Murphy's Malaysian assets.

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