May 20 (Reuters) - Freeport-McMoRan Inc's oil and gas business has withdrawn its initial public offering as weak oil prices dent valuations of oil producers.

Oil prices have slumped 24 percent since the unit filed for the offering in June 2015.

The unit did not specify a reason for pulling the IPO.

Freeport, the biggest U.S.-based copper miner, was looking to sell a minority stake in the wholly owned oil and gas subsidiary to raise funds for project development.

The miner said earlier this month that it was in talks to sell more of its assets to reduce its debt to $10 billion over the next two years.

Most recently, the miner agreed to sell its majority stake in the Tenke copper project in the Democratic Republic of Congo to China Molybdenum Co Ltd for $2.65 billion in cash.

(Reporting by Vishaka George in Bengaluru; Editing by Saumyadeb Chakrabarty)