Murphy Oil Closes Second Phase of Malaysian Oil, Gas Assets Stake Sale

Murphy Oil Corp has closed the second phase of the sale of 30 percent of its Malaysian oil and gas assets to Pertamina.

The second phase covers the remaining one-third of the transaction or 10 percent of Murphy's Malaysian oil and gas assets, the company said in a statement Thursday.

The first phase for two-thirds of the transaction closed on December 18, 2014.  The total transaction for 30 percent of Murphy's Malaysian oil and gas assets had an aggregate sale price of $2.0 billion, subject to normal closing adjustments, with an effective date of January 1, 2014.

Murphy holds majority interests in seven separate production sharing contracts (PSCs): Block K, Block H, Block P, SK 309, SK 311 and SK 314A, and three gas holding agreements in PM 311. In 2013, Murphy's Malaysia net production was about 86,000 boepd, and we booked total proved reserves 125 MMBO and 406 BCF, according to company's website.