TotalEnergies acquires Malaysia’s SapuraOMV for $530 million

TotalEnergies has fully acquired Malaysia’s SapuraOMV Upstream for USD 530 million, the French energy giant announced on Monday.

The company unveiled an agreement with Sapura Upstream Assets to acquire its 50% stake in SapuraOMV, with the deal set to close in the second half of the year.

The deal follows a January agreement to acquire OMV’s 50% stake in SapuraOMV.

SapuraOMV Upstream has producing gas and condensate assets in Malaysia and exploration interests in Malaysia, Mexico, Australia and New Zealand.

The company’s key assets are located offshore Malaysia’s Sarawak, including a 40% operated interest in Block SK408 and a 30% operated interest in Block SK310. The first block will see the startup of the Jerun gasfield in H2 2024.

SapuraOMV’s 2023 production included 7,000 boepd of condensates, as well as 14.2 mcm (500 mcf) per day channelled to Petronas’s Bintulu LNG plant.

TotalEnergies’ operations in Malaysia include interests in two PSCs in the exploration phase signed in June 2023, as well as an agreement with Petronas and Mitsui to develop a carbon storage project in Southeast Asia and evaluate several CO2 storage sites in the Malay Basin.