ONGC denies bidding for Murphy Oil’s Malaysia assets

New Delhi, Aug 7: State-run explorer Oil and Natural Gas Corp (ONGC) Thursday described as “unsubstantiated media speculations” recent reports on its bid for Murphy Oil’s Malaysia assets. A foreign agency had reported that explorers ONGC and Oil India (OIL) had made a $105 billion joint bid for Murphy Oil Corp’s Malaysian oil and gas assets.  ”ONGC/ONGC Videsh, as a policy do not comment on unsubstantiated media/market speculations,” ONGC said in a stock exchange filing.

“ONGC and OIL have participated together in some transactions in the past and due disclosures were made to the Stock Exchanges and the media. Similar practice will be followed in future also, whenever any disclosure is warranted,” it added.  Over the past year, ONGC and OIL have together acquired participating stakes in the Rovuma Area-1 block in Mozambique and blocks SS-09 and SS-04 in Bangladesh.