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March 28, 2019 · 1 min read

Do Sarawak and Sabah have any input in PTTEP’s deal?

Tom KirkmanIndependent Project Manager

Do Sarawak and Sabah have any input in this transaction? (Hint: nope.)
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“Jones Day and Adnan Sundra & Low have represented Thailand ‘s PTTEP on its $2.13 billion acquisition of the Malaysian oil and gas assets of Murphy Oil Corporation, which was advised by Gibson, Dunn & Crutcher and Skrine.

This transaction is Malaysia’s largest ever upstream transaction and the largest upstream transaction in Southeast Asia in the past five years, according to Reuters.

Besides the enterprise value of the sale, PTTEP, a unit of state-owned PTT PCL, will also pay Murphy Oil up to $100 million as a bonus if certain exploration projects show results before October 2020.

Murphy Sabah and Murphy Sarawak, the two companies being sold, own interests in and operate oil and gas assets in Malaysia which include five petroleum exploration and production projects.

Reuters also added that Murphy had proven reserves of 816 million barrels of oil equivalent (boe) in 2018, of which 129 million boe were from Malaysia. Those assets produced over 48,000 boe per day for Murphy last year. …”

legalbusinessonline.com ↗

FROM THE THREAD

Tom's notes 1

  1. Tom Kirkman

    Rex, yep, I like living here in Malaysia. Been here over 15 years.

    Tropical weather is wonderful. I don't miss snow and ice *at all*. Food is great, locals are wonderful. East Coast and Borneo are generally more relaxed than Kuala Lumpur and Klang Valley.

    I worked O&G in Sarawak for 3 years. Sarawak is one of my favorite places on planet Earth. Unfortunately, most of the jobs I've done since then tend to be around KL area. Life goes on.

    On LinkedIn, I tend to post more about Malaysia oil & gas (most of my connections on LI are in Malaysia and SE Asia) and over on Oil Price forum I tend to post more about international oil & gas. Before that was Oilpro forum, until it got closed down a couple years ago in a dispute with competing website Rigzone.

    And yes, Terengganu seafood is delicious : )

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