The deal, which involves a 50% interest from both OMV and Sapura Upstream Assets, strengthens TotalEnergies’ position in Malaysia's gas production sector.
SapuraOMV's key assets include its operated interests in two offshore gas blocks in Sarawak, Malaysia: 40% in block SK408 and 30% in block SK310. These assets are expected to contribute a total production of approximately 590 million cubic feet per day (Mcf/d) of natural gas in 2024, following the start-up of the Jerun gas field in July. This gas will be supplied to the Bintulu LNG plant, operated by Petronas, alongside 10,000 barrels per day (kb/d) of condensates. The production costs for the assets remain low, at under $5 per barrel of oil equivalent (boe), with emissions intensity also below 10 kg CO2e/boe.
This acquisition reinforces TotalEnergies’ longstanding presence in Malaysia, where the company has operated since 1985. Following the transaction, TotalEnergies now holds operated interests in several offshore blocks, including a 40% share in block SK408 and 30% in SK310, along with a 40% interest in block SB412. The company also continues its involvement in the marketing of petroleum products in the region through its affiliate, TotalEnergies Marketing Malaysia.
In addition to the acquisition, TotalEnergies is collaborating with Petronas and Mitsui on a CO2 storage project in Southeast Asia, exploring potential storage sites in the Malay Basin.
