TotalEnergies Signed Agreement to Acquire 50% Interest in SapuraOMV

SEATTLE (Oil Monster): A press release by TotalEnergies said that the company has signed an agreement with Sapura Upstream Assets Sdn Bhd (SUA) to acquire its 50% interest in Malaysian gas major SapuraOMV Upstream Sdn (SapuraOMV), for a total consideration of approximately $530 million. The agreement is subject to closing adjustments and is expected to close during the second half of the current year. Subsequently, TotalEnergies would own 100% of SapuraOMV.

This is further to the initial agreement to acquire 50% interest in SapuraOMV by end-January this year.

Commenting on the transaction, Patrick Pouyanne, Chairman and CEO of TotalEnergies said that the SapuraOMV assets are fully in line with the strategy to grow its gas production to meet growing demand. The transaction announced two months back along with this new transaction will make TotalEnergies enjoy full ownership of SapuraOMV. Furthermore, it will help the company become a significant gas operator in Malaysia, where it foresees further development opportunities.

SapuraOMV owns assets in block SK408 and block SK310, located offshore Sarawak in Malaysia. SapuraOMV also holds interests in exploration licenses in Malaysia, Australia, New Zealand and Mexico.

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