ONGC, Oil India Submit $1.5 Bn Joint Bid for Murphy's Malaysia Oil, Gas Assets

Indian public sector energy firms Oil & Natural Gas Corp (ONGC) and Oil India Ltd have submitted a $1.5 billion joint bid for Murphy Oil Corp's Malaysian oil and gas assets, sources directly involved in the process told Reuters.

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, the news agency had earlier reported.

The US based company 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.

Indian state owned oil and gas companies have been looking to acquire hydrocarbons assets overseas to in order to secure country’s energy needs.

Oil India last year bought stake in Mozambique gas field.