India's state-owned Oil & Natural Gas Corp and Oil India Ltd have submitted a joint bid worth about $1.5 billion to purchase a stake in 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 offers for a 30 percent stake in its Malaysian assets, Reuters previously reported.If successful, ONGC, India's largest oil and gas exploration company, will own a 20 percent stake in the assets, while Oil India would own the remaining 10 percent, said three sources involved in the process.Two of the sources said that the bid value is below $1.5 billion, but a third source said the joint bid is preliminary and the final deal value may change depending on rival bids.
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 fell by 0.76% or $-0.51/share to $66.72. In the past year, the shares have traded as low as $54.67 and as high as $68.43. On average, 1248490 shares of MUR exchange hands on a given day and today's volume is recorded at 1433575.
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