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. The deal, valued at $259 million, is expected to close in the fourth quarter of 2024.

TotalEnergies EP (Brunei) B.V. holds and operates a 37.5 percent interest in Block B, in partnership with Shell Deepwater Borneo (35 percent) and Brunei Energy Exploration (27.5 percent). Block B, situated 85 kilometres off the coast of Brunei, encompasses the Maharaja Lela/Jamalulam field. The MLJ field, which began production in 1999, contributed approximately 9,000 barrels of oil equivalent per day to TotalEnergies’ net production in 2023.

“This transaction fits with our strategy to actively manage our portfolio by monetizing mature assets and to allocate our talents to the most promising assets,” said Jean-Pierre Sbraire, chief financial officer of TotalEnergies.

The sale aligns with TotalEnergies’ strategic objective of optimising its asset portfolio by divesting mature properties and focusing on high-potential opportunities. Hibiscus Petroleum’s acquisition of TotalEnergies EP B.V. marks a significant expansion in the Southeast Asian region for the Malaysian company, furthering its ambitions in the oil and gas sector.

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14th June 2024