The French oil and gas company TotalEnergies has signed an agreement with the Austrian group OMV to acquire its 50% interest in the Malaysian independent gas producer and operator SapuraOMV Upstream (SapuraOMV) for a consideration of US$903m, subject to customary closing adjustments. The transaction is expected to close by mid-2024.
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.
TotalEnergies already owns stakes in two production sharing contracts (PSCs) in exploration phase and it signed an agreement with Petronas and Mitsui to develop a carbon storage project in Southeast Asia and evaluate several CO2 storage sites in the Malay Basin in June 2023 .