Murphy Oil's Malaysia assets draw interest from Mitsubishi, ONGC: Sources

Japan's biggest trading house Mitsubishi Corp has submitted a non-binding bid to buy Murphy Oil Corp's Malaysian oil and gas assets valued at about $2.5 billion, a person familiar with the matter told Reuters.

India's state-owned Oil & Natural Gas Corp and Oil India Ltd are among the other suitors preparing to submit bids for the Murphy assets, separate sources said.

It was not immediately clear if the two Indian companies would submit a joint bid as they have done in the past for overseas energy assets.

Arkansas-based Murphy, which has interests in oil and gas fields in Malaysia, Vietnam, Indonesia, Brunei and Australia, has invited bids for a 30 percent stake in its Malaysian assets, Reuters previously reported.

A Mitsubishi spokeswoman declined to comment. ONGC Videsh, the overseas business arm of ONGC, also declined to comment.

Oil India and Murphy did not respond to e-mails seeking comment. Sources declined to be identified as the sale process is confidential.

EDITORIAL OF THE DAY

  • America, put an end to this mindless terror against Indian professionals

    Racial slurs, hate crimes and the daylight murder of an Indian technology professional in the US have just moved up the number of serious issues confr

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Sandeep Bamzai

Disequilibrium: Pawn to king four

Sir Conrad Corfield, heavy hitter of the British Political Department ...

Susan Visvanathan

The problem called JNU

Reservation is a word that some administrators and intellectuals find ...

Kuruvilla Pandikattu

We are all wired for empathy

Today the world is all abuzz about the science of ...