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TotalEnergies has accomplished the sale of an oblique 9.998% curiosity in Malaysia’s SK408 offshore gasoline block to PTTEP, strengthening the businesses’ long-standing partnership whereas permitting TotalEnergies to optimize its upstream portfolio within the nation.
Following the transaction, TotalEnergies retains a 30.002% working curiosity in SK408 and stays operator of the block, which is taken into account a key contributor to Malaysia’s home gasoline provide. Monetary phrases of the deal weren’t disclosed.
The divestment builds on a collection of latest strikes by TotalEnergies to consolidate its place in Malaysia, together with the acquisition of SapuraOMV Upstream in December 2024 and the acquisition of further pursuits from PETRONAS Carigali earlier this yr. The corporate is now the nation’s third-largest gasoline operator.
“With this transaction, TotalEnergies ensures environment friendly administration of its portfolio in Malaysia, whereas strengthening ties with PTTEP, a long-standing associate of our firm,” stated Nicolas Terraz, E&P president at TotalEnergies.
SK408 is operated by TotalEnergies and types a part of its built-in upstream gasoline portfolio offshore Sarawak. The block performs an essential position in supporting Malaysia’s vitality safety, supplying gasoline to home markets.
Past upstream operations, TotalEnergies has been energetic throughout the Malaysian vitality worth chain since 1985. The corporate holds operated pursuits in a number of offshore blocks and can also be advancing low-carbon initiatives, together with a regional carbon dioxide storage undertaking within the Malay basin and hybrid renewable vitality developments to provide enterprise clients.
The transaction underscores the continued attraction of Malaysia’s offshore gasoline sector to worldwide operators and nationwide oil corporations alike, as companions search to steadiness portfolio optimization with long-term gasoline provide development in Southeast Asia.
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