Petrovietnam has bid for a stake in Murphy Oil's Malaysian oil and gas assets, challenging other suitors including Mitsubishi Corp. and Indian state oil companies, a person with direct knowledge of the plan said (IOD May16'14). The state oil company's bid comes as Vietnam, the third-largest holder of crude oil reserves in Asia, seeks to reverse a steady decline in its oil output over the past decade. Murphy Oil and other US oil companies are reducing overseas holdings as oil and gas exploration prospects improve at home.
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