Murphy Sabah Oil Co. Ltd. and Murphy Sarawak Oil Co. Ltd. have entered an agreement with PT Pertamina Malaysia Eksplorasi Produksi (Pertamina) to sell 30% of Murphy’s Malaysian oil and gas assets for an aggregate sales price of $2 billion in an all cash transaction, a news release said.
The effective date of the transaction will be Jan. 1, 2014 with closing expected to take place in two phases. The first phase is expected to be completed in fourth-quarter 2014, and the second phase is expected to be completed by first-quarter 2015, according to the release. The transaction is subject to, among other things, the approval of Petroliam Nasional Berhad (Petronas).
Murphy said it will remain operator and continue to execute its development plans as well as grow through future exploration in both deepwater and shallow-water Malaysia.
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