Murphy Oil to Sell Nearly a Third of Malaysian Assets

U.S. oil company Murphy Oil Corp said it would sell 30 percent of its oil and gas assets in Malaysia for $2 billion in cash to Indonesian state-oil company Pertamina as it cuts overseas holdings to focus on an improving home market.

The transaction is subject to the approval of Malaysia's state-owned oil and gas company, Petronas, Murphy Oil said in a statement.

Reuters reported earlier this year that Arkansas-based Murphy Oil, which has interests in Malaysia, Vietnam, Indonesia, Brunei and Australia, was seeking buyers for its Malaysian assets.

(Reporting by Ashutosh Pandey in Bangalore; Editing by Simon Jennings)