Murphy Oil to sell Malaysian assets for $2.13 billion to Thailand's PTTEP

[March 21, 2019]  (Reuters) - U.S. independent oil and gas producer Murphy Oil Corp said on Thursday it is selling two of its Malaysian assets to Thai energy company PTT Exploration and Production Public Co Ltd for $2.13 billion, turning its focus toward U.S. shale oilfields.

Murphy Oil, which has been in Malaysia for two decades, would exit the country after the sale of its Sabah Oil and Sarawak Oil units to PTTEP in an all-cash deal.

The company said a part of the money raised from the deal would be used for share buybacks and debt reduction. Reuters had reported about the deal earlier in the day.

The El Dorado, Texas based company will keep focusing on the local Eagle Ford basin and U.S. Gulf of Mexico for oil exploration and production, it said.

Shares of Murphy Oil rose 4 percent to $31.97 in premarket trading.

(Reporting by Shradha Singh in Bengaluru; Editing by Arun Koyyur)

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