TotalEnergies SE has agreed to acquire OMV Group’s 50% interest in Malaysian independent gas producer and operator SapuraOMV Upstream Sdn (SapuraOMV) for $903 million. 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 30-million tonne/year Bintulu LNG plant operated by Petroliam Nasional Berhad (Petronas), and 7,000 b/d of condensate. On Block SK408, Jerun gas field is on track for startup in second-half 2024.
SapuraOMV also holds interests in other exploration licenses in Malaysia, Australia, New Zealand, and Mexico, where a discovery was made in April 2023 on Block 30. Wintershall DEA operates Block 30 in partnership with SapuraOMV and Harbour Energy PLC (30% each). Located in the shallow waters of Cuenca Salina in Sureste basin, preliminary estimates are of 200-300 million boe in place.
The transaction is subject to customary conditions and regulatory approvals. Closing is expected by end first-half 2024.