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ONGC, Oil India submit $1.5 billion joint bid for Murphy Oil's Malaysia assets- sources

Last Updated: Thursday, July 31, 2014 - 18:52

Mumbai: State-owned Oil & Natural Gas Corp and Oil India Ltd have submitted a joint bid worth about USD1.5 billion to buy Murphy Oil Corp`s Malaysian oil and gas assets, sources directly involved in the process said.

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.

India`s state explorers including ONGC, India`s largest oil and gas exploration company, have been looking overseas as they struggle to boost the country`s energy security and arrest decline from local gas fields.

S.P. Garg, acting managing director of ONGC Videsh, ONGC`s overseas business arm, was not available for a comment, while Oil India Chairman Sunil Kumar Srivastava declined to comment.

First Published: Thursday, July 31, 2014 - 18:52
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