Ashurst has advised PT Pertamina (Persero) and its wholly-owned subsidiary, Pertamina Malaysia Eksplorasi Produksi ("PMEP"), on PMEP's US$ 2 billion acquisition of 30% of Murphy Sabah Oil Co., Ltd.'s and Murphy Sarawak Oil Co., Ltd.'s Malaysian upstream oil and gas assets, which reached final closing yesterday.

The transaction involved the acquisition by PMEP of direct working interests in six production sharing contracts: Block K, Block H and Block P, offshore Sabah, and Block SK309, Block SK311 and Block 314A, offshore Sarawak. Signing of the Sale and Purchase Agreement for the transaction was originally announced on 30 September 2014.

The transaction will significantly bolster Pertamina's overall oil and gas production from its overseas operations.

The Ashurst team was led by Singapore energy partner Daniel Reinbott and corporate partner, Keith McGuire, and included associates Samuel Tan, Avinash Panjabi and Toby Mander-Jones. ZICOlaw, led by Wan Marzimin, advised PMEP on Malaysian law matters.

Ashurst partner Daniel Reinbott said: "We are delighted to have had the opportunity to assist Pertamina on its successful bid and acquisition of this significant upstream asset package. The execution and closing of this competitive and high profile transaction demonstrates Pertamina's strong standing in the international market and is a testament to the hard work of the deal teams on both sides of the table."