Murphy closes first phase of USD 2bn Malaysia farm-out deal with Pertamina

Submitted by Paddy Harris on Thu, 2014-12-18 15:36

18th December 2014

Murphy Oil Corporation has announced that its wholly owned subsidiaries, Murphy Sabah Oil and Murphy Sarawak Oil, have closed on the first phase of the sale of 30 per cent of Murphy's Malaysian oil and gas assets to PT Pertamina Malaysia Eksplorasi Produksi (Pertamina) that was originally announced on September 30, 2014

The transaction has an aggregate purchase price of USD 2.0bn and an effective date of January 1, 2014

The first phase covers two-thirds of the transaction or 20 per cent 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 USD 2.0bn and an effective date of January 1, 2014.

"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,” said Roger W. Jenkins, Murphy president and chief executive officer.

“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."