Ark.-based Murphy Oil sells chunk of Malaysia assets for $2B

El Dorado, Ark.-based energy exploration and production company Murphy Oil Corp. (NYSE: MUR) announced yesterday it would sell 30 percent of its oil and gas assets in Malaysia for some $2 billion.

The buyer is PT Pertamina Malaysia Eksplorasi Producksi, and the deal is expected to close in the first quarter of next year, according to The Associated Press.

Murphy Oil executives indicated they want to establish a long-term partnership with Pertamina, and the deal would support acquisition opportunities, increased drilling and debt reduction.

Read more from The Associated Press.