TotalEnergies to acquire remaining 50% of SapuraOMV in Malaysia

TotalEnergies has signed an agreement with Sapura Upstream Assets to acquire its 50% interest in Malaysian independent gas producer and operator SapuraOMV Upstream for a consideration of $530M, subject to closing adjustments. Closing is expected in the second half of 2024. This agreement follows a first agreement signed with OMV on January 31st, 2024, for the acquisition of its 50% interest in SapuraOMV. After completion of both transactions, TotalEnergies would own 100% of SapuraOMV. SapuraOMV’s main assets are its 40% operated interest in block SK408 and 30% operated interest in block SK310, both located offshore Sarawak in Malaysia. In 2023, SapuraOMV’s operated production was about 500 Mcf/d of natural gas. SapuraOMV also holds interests in exploration licenses in Malaysia, Australia, New Zealand and Mexico, where a discovery was made in 2023 on block 30.