TotalEnergies sells Brunei gas assets to Hibiscus

Brunei

KUALA LUMPUR AND PARIS, June 14, 2024 – French supermajor TotalEnergies has agreed to sell its upstream subsidiary in Brunei to Malaysia’s Hibiscus Petroleum for USD 259.4 million, the companies announced on Thursday.

Under the transaction terms, Hibiscus will acquire the entirety of TotalEnergies EP (Brunei) B.V., which owns and operates a 37.5% interest in Block B, alongside Shell Deepwater Borneo and Brunei Energy Exploration, who hold stakes of 35% and 27.5%, respectively.

Block B is located 85 kilometres offshore Brunei. It has been producing gas and condensate since 1999 from the Maharaja Lela/Jamalulam field and has production rights that can be extended until 2039.

The asset represented a net production for TotalEnergies of approximately 9,000 boepd in 2023. With the acquisition, Hibiscus brings the gas production share of its portfolio to almost 50%.

“This transaction fits with our strategy to actively manage our portfolio by monetizing mature assets and to allocate our talents to the most promising assets”, said Jean-Pierre Sbraire, CEO of TotalEnergies.

The transaction, which is subject to the approval of Hibiscus shareholders, is expected to close in Q4 2024.

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