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