Exxon lines up bidders for US$3bil assets

Exxon Mobil started the process to sell its Malaysian assets last year as part of its global divestiture programme

KUALA LUMPUR: Exxon Mobil Corp has narrowed the list of bidders for its oil-producing offshore assets in Malaysia that could potentially raise US$2bil (RM8.34bil) to US$3bil (RM12.5bil) in a sale, according to sources.

UK-listed EnQuest Plc and Kuala Lumpur-traded Hibiscus Petroleum Bhd are among those that have been chosen to submit binding bids for the assets, the sources said. Other companies have also expressed interest, they said.

Exxon Mobil started the process to sell its Malaysian assets last year as part of its global divestiture programme, Bloomberg News has reported. It produces oil and gas in the country under four production sharing contracts with state-owned Petroliam Nasional Bhd, according to its website.