TEMPO.CO, Jakarta - State oil and gas company Pertamina is in the process of acquiring a 30 percent stake in US oil and gas firm Murphy Sabah Oil Co. Ltd, operating in Malaysia.
"We are in the process of settling the acquisition of Murphys assets in Sabah and Serawak," stated Pertamina vice president for corporate communication Ali Mundakir after attending a general meeting of the companys shareholders, as quoted by Antara News.
The acquisition is expected to be completed in the first quarter of 2015, he said.
"The deal is expected to be signed in the first quarter of next year. The signing will be behind the schedule but it is something normal in oil and gas contract," he said.
Pertamina, through its subsidiary PT Pertamina Malaysia Eksplorasi Produksi, will buy 30 percent of shares of Murphy Oils subsidiaries, Murphy Sabah Oil Co., Ltd. and Murphy Sarawak Oil Co., Ltd.
The transaction value agreed upon by both sides is US$2 billion.
But Mundakir refused to divulge details of the acquisition, arguing that the company is in the process of settling the deal.
He said Pertamina will buy the assets to increase its oil production.