TotalEnergies sells Brunei subsidiary to Hibiscus for $259m

TotalEnergies has entered into an agreement to sell its wholly-owned subsidiary TotalEnergies EP (Brunei) B.V. to Hibiscus Petroleum Berhad, a Malaysian independent oil and gas exploration and production company, for a consideration of $259 million.

The transaction is expected to close in the fourth quarter 2024, the French energy giant said in a statement.

TotalEnergies EP (Brunei) B.V. owns and operates a 37.5% interest in Block B, alongside Shell Deepwater Borneo (35%) and Brunei Energy Exploration (27.5%), the company said.

Block B, located 85km off the coast of Brunei, contains the Maharaja Lela/Jamalulam (MLJ) field, which started producing in 1999 and represented a net production for TotalEnergies of approximately 9,000 barrels of oil equivalent per day in 2023.

“This transaction fits with our strategy to actively manage our portfolio by monetising mature assets and to allocate our talents to the most promising assets,” said Jean-Pierre Sbraire, Chief Financial Officer of TotalEnergies.

As a global integrated energy company, TotalEnergies is active in about 120 countries, and places sustainability at the heart of its strategy, its projects and its operations.