TotalEnergies has been established since 1984 in Malaysia and has investments in various sectors in Malaysia, including renewable energy, electricity, oil and carbon storage.
Prime Minister Datuk Seri Anwar Ibrahim met with Patrick Pouyanne, Chairman and CEO of the French energy company, TotalEnergies to meet on the sidelines of the Special Meeting of the World Economic Forum (WEF).
“TotalEnergies expressed its commitment and agreed to increase investment in the upstream oil and gas sector and continue to explore opportunities in the field of carbon storage in Malaysia,” he said.
Hopefully this investment can be realised as soon as possible and trigger an overflow of prosperity for Malaysians, especially in creating more job opportunities and knowledge sharing, Anwar added.
On Jan 31, TotalEnergies has signed an agreement with OMV to acquire its 50% interest in Malaysian independent gas producer and operator SapuraOMV Upstream Sdn (SapuraOMV) for a consideration of $903 million (including the transfer of a $350 million loan granted by OMV to SapuraOMV), subject to customary closing adjustments.
SapuraOMV’s main assets are its 40% operated interest in block SK408 and 30% operated interest in block SK310, both located offshore Sarawak in Malaysia. In 2023, SapuraOMV’s operated production (100%) was about 500 Mcf/d of natural gas, feeding the Bintulu LNG plant operated by Petronas, as well as 7 kb/d of condensates. On block SK408, the development of the Jerun gas field is on track for startup in the second half of the year 2024
The transaction is subject to customary conditions precedent, in particular the receipt of regulatory approvals. Closing is expected by the end of first half of 2024.
SapuraOMV also holds interests in exploration licenses in Malaysia, Australia, New Zealand and Mexico where a discovery has been made in 2023 on block 30.
