TotalEnergies has signed an agreement with Sapura Upstream Assets Sdn Bhd (SUA) to acquire its 50% interest in Malaysian independent gas producer and operator SapuraOMV Upstream Sdn (SapuraOMV), the energy major said.
The deal is valued at US$530 million, subject to closing adjustments expected by the second half of 2024.
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This agreement follows the first deal signed with OMV on January 31, 2024, for the acquisition of its 50% interest in SapuraOMV. TotalEnergies would therefore own 100% of SapuraOMV after completion of transactions, subject to conditions including regulatory approval.
SapuraOMV’s main assets are its 40% operated interest in Block SK408 and 30% operated interest in Block SK310, both located offshore Sarawak in Malaysia. In 2023, SapuraOMV’s operated production (100%) was about 500 thousand cubic feet per day (cf/d) of natural gas, feeding the Bintulu LNG plant operated by Petronas, as well as 7 thousand barrels per day (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.
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Patrick Pouyanné, Chairman and Chief Executive Officer (CEO) of TotalEnergies, commented: “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.”
