TotalEnergies has signed an agreement with Sapura Upstream Assets (SUA) to acquire an additional 50 percent stake in Malaysian gas producer and operator SapuraOMV Upstream for $530 million.
Closing is expected in the second half of 2024. TotalEnergies’ stake in SapuraOMV Upstream will increase to 100 percent stake.
SapuraOMV’s main assets are its 40 percent operated interest in block SK408 and 30 percent operated interest in block SK310, both located offshore Sarawak in Malaysia.
In 2023, SapuraOMV’s operated production (100 percent) was about 500 Mcf/d of natural gas, feeding the Bintulu LNG plant operated by Petronas, as well as 7 kb/d of condensates.
On block SK408, the development of Jerun gas field is on track for a startup in the second half of 2024. SapuraOMV also holds interests in exploration licenses in Malaysia, Australia, New Zealand and Mexico, where a discovery was made in 2023 on block 30.
“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,” said Patrick Pouyanné, Chairman and CEO of TotalEnergies.
GreentechLead.com News Desk