TotalEnergies to Acquire Natural Gas Assets in Malaysia

SEATTLE (Oil Monster): TotalEnergies announced that it has reached an agreement with OMV to acquire its 50% interest in SapuraOMV Upstream Sdn (SapuraOMV)- a joint venture between Sapura Energy Berhad and OMV for $903 million. The agreement will lead to acquisition of OMV’s Malaysian natural gas assets.

SapuraOMV owns 40% operated interest in block SK408 and 30% operated interest in block SK310, which are located offshore Sarawak. It had reported operated production of about 500 Mcfd of natural gas and 7,000 bpd of condensates during the previous year. The development of the Jerun natural gas field on block SK408 is scheduled to start in H2 this year.

The natural gas produced by SapuraOMV feeds the Bintulu LNG plant operated by Petronas- the state-owned Malaysian oil and gas company. TotalEnergies have developed strategic international partnership with Petronas over the past few years. This acquisition deal will help TotalEnergies to reinforce its partnership with Petronas, thus triggering the future growth in the country.

SapuraOMV’s assets are known for lower production cost and reduced greenhouse gas intensity. They will perfectly fit in TotalEnergies’ portfolio, said Patrick Pouyanne, Chairman and CEO of TotalEnergies.

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