The French oil and gas company TotalEnergies has signed an agreement with Sapura Upstream Assets to acquire its 50% stake in the Malaysian upstream gas operator SapuraOMV Upstream for a consideration of US$530m. The transaction, which is expected to close in the second half of 2024, follows a first agreement worth US$903m signed with Sapura in late January 2024 for the acquisition of a first 50% interest in SapuraOMV. After completion of both transactions, which are subject to regulatory approvals, TotalEnergies will own 100% of SapuraOMV.
SapuraOMV owns a 40% operated interest in block SK408 and a 30% operated interest in block SK310, both located offshore Sarawak in eastern Malaysia. In 2023, SapuraOMV’s operated production reached 500 mcf/d (nearly 5.2 bcm/year) of natural gas, notably feeding Petronas' Bintulu LNG plant, as well as 7 kb/d of condensates. In addition, the development of the Jerun gas field, located in block SK408, is on track for startup in the second half of 2024. SapuraOMV also holds interests in other exploration licenses in Malaysia, Australia, New Zealand and Mexico.