HONG KONG/SINGAPORE (Reuters) - Murphy Oil Corp is nearing a deal to sell its Malaysian oil and gas assets to Thailand’s PTTEP PCL, people familiar with the matter said, in the latest energy M&A transaction in the Southeast Asian nation.
The independent U.S. oil and gas exploration and production company could announce a deal, valued at just over $2 billion, with the Thai energy company as early as Thursday, said one source, who declined to be identified as the news is not public.
Reuters reported in November, citing sources, that Murphy Oil was in talks to sell the assets after an unsolicited bid that could fetch between $2 billion to $3 billion.
Murphy Oil, which has been in Malaysia for two decades, could not be reached outside regular U.S. business hours. There was no immediate response from PTTEP to a Reuters query.
Reporting by Kane Wu in HONG KONG and Anshuman Daga in SINGAPORE; Additional reporting by Chayut Setboonsarng in BANGKOK; Editing by Sumeet Chatterjee and Tom Hogue