08:24 AM EDT, 07/22/2024 (MT Newswires) -- (Adds company comment in fifth and sixth paragraph)

Exxon Mobil ( XOM ) has agreed to sell its oil and gas assets in Malaysia to state energy firm Petronas, Reuters reported Friday, citing two unnamed sources with direct knowledge of the matter.

The move marks the company's exit from Malaysia's upstream sector, Reuters said. Three sources told the news outlet that Petronas has taken over the operations of Exxon's assets, including the Tapis oilfield in Terengganu.

Financial details of the deal were not immediately known, Reuters said.

However, as part of the deal, Exxon's employees would be transferred to Petronas, according to a source.

Petronas told MT Newswires that it is in talks with ExxonMobil ( XOM ) about transferring operatorship for two offshore production contracts in Peninsular Malaysia.

It added that the discussions are subject to further agreements between both parties.

Exxon Mobil ( XOM ) did not respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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