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Thursday, July 17, 2014

Murphy Oil's Malaysia assets draw interest from Mitsubishi, ONGC -sources, (NYSE: MUR)

Japan's biggest trading house Mitsubishi Corp has submitted a non-binding bid to purchase Murphy Oil Corp's Malaysian oil and gas assets valued at about $2.5 billion, a person familiar with the matter told Reuters.India's state-owned Oil & Natural Gas Corp and Oil India Ltd are among the other suitors preparing to submit offers for the Murphy assets, separate sources said.It was not immediately clear if the two Indian companies would submit a joint bid as they have done in the past for overseas energy assets. A final decision will be made by the Indian government, a person familiar with the process said.The Indian companies are likely to submit preliminary bids for the Murphy stake by the end of this month after getting mandatory internal approvals, said the sources, declining to be named as the process is not public.

Murphy Oil Corporation is a worldwide oil and gas exploration and production company with retail and wholesale gasoline marketing operations in the United States and refining and marketing operations in the United Kingdom. Shares of MUR traded higher by 1.45% or $0.94/share to $65.97. In the past year, the shares have traded as low as $54.67 and as high as $67.07. On average, 1254000 shares of MUR exchange hands on a given day and today's volume is recorded at 1018448.