TotalEnergies has entered into a deal with Sapura Upstream Assets Sdn Bhd (SUA) to purchase its 50% stake in the Malaysian independent gas producer and operator, SapuraOMV Upstream Sdn (SapuraOMV), for a sum of $530 million, pending final adjustments. The transaction is anticipated to conclude in the latter part of 2024.

Subsequent to the initial agreement signed with OMV on January 31st, 2024, for the purchase of its 50% stake in SapuraOMV, this latest agreement has been reached.

Upon the fulfillment of certain conditions precedent, notably regulatory clearances, following the conclusion of both transactions, TotalEnergies would possess full ownership, owning 100% of SapuraOMV.

SapuraOMV's primary assets include a 40% operated stake in block SK408 and a 30% operated stake in block SK310, both situated offshore Sarawak, Malaysia. In 2023, SapuraOMV's operated production totaled approximately 500 million cubic feet per day (Mcf/d) of natural gas, supplying the Bintulu LNG plant operated by Petronas, along with 7 thousand barrels per day (kb/d) of condensates. Progress on the development of the Jerun gas field in block SK408 is on schedule for a commencement in the latter part of 2024. Additionally, SapuraOMV holds exploration licenses in Malaysia, Australia, New Zealand, and Mexico, with a notable discovery in 2023 on block 30 in Mexico.

"Upon completing the recent deal with OMV and this latest transaction with Sapura Upstream Assets, TotalEnergies will achieve complete ownership of SapuraOMV, marking a significant milestone in becoming a major gas operator in Malaysia," commented Patrick Pouyanné, Chairman and CEO of TotalEnergies. "The assets of SapuraOMV align perfectly with our strategy to expand gas production in response to increasing demand, prioritizing low-cost and low-emission assets in our portfolio. We eagerly anticipate deepening our collaboration with Petronas in Malaysia, a nation presenting further growth prospects for our company."

TotalEnergies holds stakes in two Production Sharing Contracts (PSCs) currently in the exploration phase. Additionally, in June 2023, TotalEnergies entered into a partnership with Petronas and Mitsui to advance a carbon storage initiative in Southeast Asia. This collaboration involves the assessment of multiple CO2 storage locations within the Malay Basin.

TotalEnergies is a worldwide integrated energy corporation engaged in the production and distribution of various energy sources, including oil, biofuels, natural gas, green gases, renewables, and electricity. With a workforce exceeding 100,000 individuals, we are dedicated to delivering reliable, affordable, and sustainable energy solutions to a broad spectrum of consumers. Operating across approximately 120 nations, TotalEnergies prioritizes sustainability across its strategy, projects, and operational endeavors.