TotalEnergies agrees to purchase the remaining 50% of Malaysian upstream operator SapuraOMV
TotalEnergies has signed an agreement with Sapura Upstream Assets (SUA) to acquire its 50% interest in Malaysian independent gas producer and operator SapuraOMV Upstream.
The $530 million deal, which was announced on Monday, is subject to closing adjustments and is expected to be concluded in the second half of 2024. The move follows a previous, first agreement signed with OMV on January 31 this year to secure the acquisition of its 50% interest in SapuraOMV.
Further penetrating the Malaysian market
Both of the transactions are subject to some conditions precedent, in particular regulatory approvals. Upon completion of the deals, TotalEnergies would own 100% of SapuraOMV, which cites its main assets as a 40% operated interest in block SK408 and 30% operated interest in block SK310, both located offshore Sarawak, Malaysia.
In 2023, SapuraOMV’s operated production (100%) was about 500 Mcf/d of natural gas, feeding the Bintulu LNG plant operated by Petronas, as well as 7 kb/d of condensates. Development of the Jerun gas field, on block SK408, is on track for startup in the second half of this calendar year.
Increasingly significant regional operator
Additionally, SapuraOMV holds interests in exploration licenses in Malaysia, Australia, New Zealand and Mexico. A discovery there was made in 2023, on block 30. Patrick Pouyanné, Chairman and CEO of TotalEnergies, highlighted that the transaction with OMV and Sapura Upstream Assets would see TotalEnergies become a “significant gas operator” in Malaysia.
Strategic move
He said: “The SapuraOMV assets are fully in line with our strategy to grow our gas production to meet demand growth, focusing our portfolio on low-cost and low-emission assets. We look forward to strengthening our global partnership with Petronas in Malaysia, a country where we see further development opportunities for our company.”
TotalEnergies owns interests in two PSCs in the exploration phase and signed an agreement in June 2023 with Petronas and Mitsui to develop a carbon storage project in Southeast Asia, as well as to evaluate several CO2 storage sites in the Malay Basin.
KEEPING THE ENERGY INDUSTRY CONNECTED
Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.
By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.
More gas & LNG news
![Gas Plant](/media/ljgfdu4g/gas-plant.jpg?anchor=center&mode=crop&width=240&height=135&rnd=132755817519670000&format=webp)
Novatek’s net profit more than doubles in H1 2024 to $4 billion amid revenue and output growth
![BloomburgMedia_SGZVIRT1UM0W00_22-07-2024_13-00-28_638572032000000000.jpg](/media/2l3gljsn/bloomburgmedia_sgzvirt1um0w00_22-07-2024_13-00-28_638572032000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133661268290430000&format=webp)
Woodside to Buy Tellurian in $900 Million Bet on Gas Demand
![BloomburgMedia_SGVHLEDWX2PS00_22-07-2024_07-50-47_638572032000000000.jpg](/media/xxnptkt0/bloomburgmedia_sgvhledwx2ps00_22-07-2024_07-50-47_638572032000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133661082478570000&format=webp)
Trump Vow to ‘Drill, Baby, Drill’ Collides With Industry Caution
![BloomburgMedia_SGV0UZT0G1KX00_22-07-2024_07-51-29_638572032000000000.jpg](/media/ssxf3fnm/bloomburgmedia_sgv0uzt0g1kx00_22-07-2024_07-51-29_638572032000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133661082896570000&format=webp)
How American Pension Funds Help Vladimir Putin’s Gas Gambit
![BloomburgMedia_SGNSMCDWLU6800_19-07-2024_12-00-06_638569440000000000.png](/media/solpejdc/bloomburgmedia_sgnsmcdwlu6800_19-07-2024_12-00-06_638569440000000000.png?anchor=center&mode=crop&width=240&height=135&rnd=133658640067970000&format=webp)
What’s at Stake for UK North Sea as Labour Government Sets Out Its Energy Policy
![Energy Connect Story Thumbnail](/images/default/gas-and-lng.jpg?anchor=center&mode=crop&width=240&height=135&format=webp)
Balyasny, Squarepoint Hire Gas, Power Traders as Sector Heats Up
![Totalenergies](/media/41ojyade/totalenergies.jpg?anchor=center&mode=crop&width=240&height=135&rnd=132881916816700000&format=webp)
TotalEnergies sells 10% stake in Nigerian JV licenses to Chappal Energies for $860 million
![BloomburgMedia_SGRTKYDWLU6900_17-07-2024_16-00-06_638567712000000000.jpg](/media/pcwg1imz/bloomburgmedia_sgrtkydwlu6900_17-07-2024_16-00-06_638567712000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133657056066270000&format=webp)
Collapse of a Key Natural Gas Trade Points to a Massive US Supply Glut
![BloomburgMedia_SGO375DWLU6800_16-07-2024_16-00-06_638566848000000000.jpg](/media/npglxvwx/bloomburgmedia_sgo375dwlu6800_16-07-2024_16-00-06_638566848000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133656192065600000&format=webp)
Italian Energy Prices Soar as Heat Wave Boosts Cooling Demand
![Naturalgas KEZAD Group](/media/x0tk3veq/naturalgas-kezad-group.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133655893297070000&format=webp)
KEZAD commissions new natural gas network for clients
![CSIS Thumbnail](/media/o0acqjyg/csis_thumbnail.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133566075809700000&format=webp)
CSIS: long-term LNG demand to reshape global export capacity growth
![Dr Carole Nakhle Thumbnail](/media/gqrpjths/dr-carole-nakhle_thumbnail.png?anchor=center&mode=crop&width=540&height=300&rnd=133542056370600000&format=webp)
More women in energy vital to the industry’s success
![Vandana Hari Thumbnail](/media/gz3dyktl/vandana-hari-thumbnail.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133511540022930000&format=webp)
India’s energy sector presents lucrative opportunities for global companies
![OIL INDIA Thumbnail (1)](/media/oddlww2x/oil-india-thumbnail-1.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133506537128730000&format=webp)
Oil India charts the course to ambitious energy growth
![DNV Thumbnail](/media/chkphnjn/dnv-thumbnail.png?anchor=center&mode=crop&width=540&height=300&rnd=133491856590700000&format=webp)
Maritime sector is stepping up to the challenges of decarbonisation
Partner content
![Navigating the trading seas: exploring the significance of benchmarks-1859882229](/media/qlacaiww/navigating-the-trading-seas-exploring-the-significance-of-benchmarks-1859882229.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133613577584600000&format=webp)
Navigating the trading seas: exploring the significance of benchmarks
![New Lng Ship Web 17829](/media/vjrjyypa/new-lng-ship-web-17829.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133179936218300000&format=webp)
Back to the Future(s): the best commodities benchmarks are still physically settled
![Dr Klaus](/media/4eyh2dr0/dr-klaus.jpg?center=0.3953747239980292,0.50683017007953435&mode=crop&width=540&height=300&rnd=133517897092430000&format=webp)
Ebara Elliott Energy offers a range of products for a sustainable energy economy
![ESSAR](/media/5uafghtj/essar.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133524466961070000&format=webp)
Essar outlines how its CBM contribution is bolstering for India’s energy landscape
![HNC 7611 V2](/media/0dqbya15/hnc_7611_v2.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133517899616530000&format=webp)