India's state-owned Oil & Natural Gas Corp and Oil India Ltd have submitted a joint bid worth about $1.5 billion to purchase 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.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.Murphy Oil did not respond to a request for comment.
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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