Murphy Oil closes Malaysian $2 billion assets sale to PTTEP

Image courtesy of Murphy Oil

Murphy Oil Corporation has completed the sale of its two Malaysian units, Murphy Sabah Oil and Murphy Sarawak Oil, to PTTEP.

The transaction was previously announced on March 21, 2019, with an effective economic valuation date of January 1, 2019.

Murphy said that PTTEP would pay the company a $2.035 billion consideration in cash, and expects to report a gain on the sale of approximately $1.0 billion. As a result, Murphy exited the country of Malaysia.

According to the announcement from March, Murphy could also receive up to $100 million, contingent upon certain future exploratory drilling results before October 2020.

The year-end 2018 proved reserves (1P) net to Murphy were 816 million barrels of oil equivalent (Mmboe), of which 16 percent or 129 Mmboe were attributable to Malaysia. Of the 129 Mmboe of proved reserves, 70 Mmboe are characterized as undeveloped.

The proved reserves are comprised of 468 billion cubic feet (Bcf) of natural gas and 51 million barrels (Mmbbl) of liquids, the company said in a statement.

Total production net to Murphy in 2018 for the properties to be divested was over 48,000 barrel of oil equivalent per day (Boepd), comprised of 62 percent liquids.

Share this article

Follow LNG World News

Events>

<< Sep 2019 >>
MTWTFSS
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

6th Mozambique Gas Summit & Exhibit

This year’s edition will have a revamped programme for attendees.

read more >

Offshore Energy Exhibition and Conference 2019

The three-day event includes an exhibition where an expected 600+ supply chain companies will showcase their products and services.

read more >

LNGgc London

LNGgc is a fantastic way of raising attendees’ company profile within this market and creating greater awareness of their brand…

read more >

5th CWC China LNG & Gas International Summit & Exhibition

5th CWC China LNG & Gas International Summit & Exhibition will return 16 – 17 October 2019, bringing together the key players…

read more >