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Thursday, July 17, 2014

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

Top Japanese 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 with direct knowledge of the process said.ONGC and Oil India would "most likely" submit a joint bid for the assets, one of the sources directly involved in the process said, something they have done in the past for overseas energy assets.A final decision on the Indian firms' bid will be made by the government, another person familiar with the process said.

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 0.83% or $0.55/share to $66.52. 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 1016911.