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.
The Jones Day team was led by partner Alex Cull.
The Gibson, Dunn team was led by partners Brad Roach, James Howe, Sandy Bhogal and Michael Collins.
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