TotalEnergies has agreed to acquire from Sapura Upstream Assets Sdn Bhd (SUA) its 50% interest in Malaysian independent gas producer and operator SapuraOMV Upstream Sdn (SapuraOMV) for $530 million.
The agreement follows a first agreement signed with OMV on Jan. 31, 2024, for the acquisition of its 50% interest in SapuraOMV (OGJ Online, Jan. 31, 2024).
After completion of both transactions, which are subject to conditions including regulatory approvals, TotalEnergies would own 100% of SapuraOMV.
SapuraOMV’s main assets are its 40% operated interest in Block SK408 and 30% operated interest in Block SK310, both offshore Sarawak in Malaysia. In 2023, SapuraOMV’s operated production (100%) was about 500 MMcfd of natural gas, feeding the Petronas-operated Bintulu LNG plant, as well as 7,000 b/d of condensates. On Block SK408, development of Jerun gas field is on track for startup in second-half 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.
Closing is expected in second-half 2024.