TotalEnergies announced the sale to INPEX of its 85% stake in Block 2E, located offshore Malaysia. The transaction is equivalent to a net 8.5% stake in the Marjoram field, currently under development, and reaches a value of $350 million.
With this transaction, the French company seeks to realize the value of a non-operated minority position and concentrate resources on its portfolio of operated projects. The asset is located off Sarawak, a key area for natural gas expansion in Southeast Asia.
TotalEnergies readjusts its portfolio in Malaysia
Furthermore, the sale fits with TotalEnergies’ strategy of prioritizing positions with greater operational control and low-cost, low-emission projects. The company has maintained a relevant presence in Malaysia since 1985 and has strengthened its relationship with PETRONAS over the last decades.
Following the acquisition of SapuraOMV Upstream, TotalEnergies became the country’s third-largest gas producer. Currently, the group participates in 17 offshore blocks off Sarawak and Sabah, with both operated and non-operated assets.
INPEX expands its presence in natural gas and LNG
For its part, INPEX incorporates a stake in the Marjoram gas field at a time when it seeks to expand its natural gas and LNG portfolio in Asia. The operation reinforces its business base in Malaysia and allows it to add exposure to an offshore development with regional projection.
Likewise, the agreement reflects the interest of Asian energy companies in consolidating gas supply in Southeast Asia. Regional demand and energy security continue to drive investment in gas assets with development potential.
The Marjoram field gains weight on the regional energy map
The Marjoram gas field is part of Malaysia’s offshore exploratory activity and development. Its progress is integrated into a regional portfolio where Jerun, already in production, also stands out as a reference for TotalEnergies’ growth strategy in the country.
Nicolas Terraz, President of Exploration Production at TotalEnergies, noted that Malaysia is a strategic platform for the company’s growth in low-cost, low-emission projects. According to the executive, this vision benefits both the country and the Southeast Asian region.
Malaysia remains attractive for major energy companies
Meanwhile, TotalEnergies continues to operate in oil, natural gas, renewable energy, and lower-carbon solutions. In 2023, the company signed an agreement with PETRONAS and Mitsui to evaluate CO₂ storage in the Malay Basin.
More recently, TotalEnergies and Masdar announced a $2.2 billion joint venture to accelerate the growth of renewable energy in Asia, with a particular focus on Malaysia. The sale of Marjoram does not reduce the group’s interest in the country; rather, it adjusts its exposure toward strategic assets and opportunities where it can generate greater operational value.
Source: TotalEnergies
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