Cases & Deals

PTTEP subsidiary acquires Murphy Oil Corporation’s business in Malaysia for $2.127 billion

Client(s) PTT Exploration and Production Public Company Limited

Jones Day represented PTT Exploration and Production Public Company Limited ("PTTEP"), a publicly listed petroleum exploration and production company based in Thailand, in connection with its subsidiary, PTTEP HK Offshore Limited’s acquisition of Murphy Sabah Oil Co., Ltd. and Murphy Sarawak Oil Co., Ltd. ("Murphy Sabah and Murphy Sarawak"), from a subsidiary of NYSE listed Murphy Oil Corporation. Murphy Sabah and Murphy Sarawak own interests in and operate oil and gas assets in Malaysia, including five petroleum exploration and production projects. The consideration for the acquisition was US$2.127 billion, subject to customary net working capital and closing adjustments, plus up to an additional $100 million contingent upon certain future exploratory drilling results. This transaction is reported to be the largest upstream transaction in Southeast Asia in the past five years, and Malaysia's largest ever upstream transaction.