France’s energy giant TotalEnergies has struck a deal to divest to Japan’s Inpex its non-operated interest in a gas field off the coast of Sarawak, Malaysia.
TotalEnergies has disclosed the divestment of its 85% interest in Block 2E offshore Malaysia to Inpex, representing a net interest of 8.5% in the Shell-operated Marjoram gas field currently under development , for a consideration of $350 million.
The French player claims to be crystallizing the full value of this minority interest in a non-operated gas project with this move to focus on its operated portfolio and strategic growth opportunities in the Asian country.
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Nicolas Terraz , President Exploration & Production at TotalEnergies, commented: “This agreement is fully aligned with our strategy of actively managing our portfolio and prioritizing material positions to support our ambition to develop low-cost, low-emission projects.
“With Jerun field now on stream and a large portfolio of opportunities, Malaysia is a strategic platform for TotalEnergies’ low-cost, low-emission growth strategy, serving both the country and the wider Southeast Asia region.”
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This acquisition is expected to contribute to the expansion of Inpex’s business portfolio in Malaysia and further strengthen the company’s business foundation in the country, reflecting the Japanese player’s efforts to expand its natural gas/LNG business.
The firm plans to continue to contribute to the stable supply of energy, with a focus on natural gas, across Southeast Asia, including Malaysia, while proactively pursuing opportunities to expand its business activities in the region.