TotalEnergies has reached an agreement to sell its wholly owned subsidiary, TotalEnergies EP (Brunei) BV, to Hibiscus Petroleum Berhad, an independent Malaysian oil and gas exploration and production company. The transaction is valued at US$259 million and is expected to close in the fourth quarter of 2024.
Details of the sale of TotalEnergies EP
Under this agreement, TotalEnergies EP(Brunei) BV owns and operates a 37.5% interest in Block B, in partnership with Shell Deepwater Borneo (35%) and Brunei Energy Exploration (27.5%). Block B, located 85 kilometers off the coast of Brunei, is home to the Maharaja Lela/Jamalulam (MLJ) field, which began production in 1999 and generated for TotalEnergies generated net production for TotalEnergies net production of approximately 9,000 barrels of oil equivalent per day in 2023.
According to Jean-Pierre Sbraire, CFO of TotalEnergies, this transaction is aligned with the company’s strategy of actively managing its portfolio, monetizing mature assets and reallocating its resources to more promising assets. This operation reflects TotalEnergies’ intention to optimize its portfolio and focus on areas with higher growth prospects.
TotalEnergies is an integrated global company that produces a wide range of energies, including biofuels, liquefied natural gas, green gases and electricity. With more than 100,000 employees, the company is committed to providing more reliable, affordable and sustainable energy to as many people as possible. Active in some 120 countries, TotalEnergies puts sustainability at the heart of its strategy, projects and operations.
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Source: TotalEnergies
Photo: Shutterstock
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