TotalEnergies and PETRONAS have announced the acquisition of new operating interests in offshore blocks in Malaysia and Indonesia. The transaction covers deepwater exploration and development areas in excess of 100,000 km².
The collaboration of TotalEnergies and PETRONAS
Blocks SK301b and SK313, located offshore Sarawak, have yielded gas discoveries – in excess of 4 trillion cubic feet – and are set to be the mainstay of gas supply for Malaysia LNG by 2030. TotalEnergies will lead the operations with a 50% stake, consolidating its role as operator in the region.
TotalEnergies has also closed a deal to acquire 24.5% of the Bobara block in Indonesian waters, where it will carry out an exploration program focused on crude oil. PETRONAS will remain the main operator.
We are pleased to continue to expand our presence in the country, which we see as a strategic platform for our future low-cost, low-carbon production and cash flow growth, supported by exposure to the Asian LNG market.
The strategic partnership between TotalEnergies and PETRONAS, which extends well beyond Malaysia through our multiple joint ventures around the world, gives us access to a broad and diversified portfolio in the country, ranging from exploration to production.
Patrick Pouyanné, President and CEO of TotalEnergies.
With the recent integration of SapuraOMV, TotalEnergies became Malaysia’s third largest gas producer. Through its stakes in blocks SK408, SK310, SB412 and others, the company strengthens its regional energy portfolio. In addition, it has launched initiatives in CO₂ capture and storage together with PETRONAS and Mitsuihighlighting its commitment to low-emission technologies.
For a long time, PETRONAS and TotalEnergies have demonstrated how complementary strengths can generate new opportunities.
Together, we will seek out and develop advantageous barrels in the emerging exploration blocks bordering Malaysia and Indonesia.
We focus on maximizing high commercial potential while generating sustainable value for all stakeholders
Tan Sri Tengku Taufik, chairman and chief executive officer of PETRONAS Group.
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Source and photo: TotalEnergies
