TotalEnergies is acquiring Sapura Upstream Assets Sdn Bhd’s remaining 50% interest in Malaysian independent gas producer and operator SapuraOMV Upstream Sdn for $530 million, subject to closing adjustments.
Combined, the full interests in the assets will cost the French company more than $1.4 billion.
TotalEnergies had already acquired 50% of SapuraOMV from OMV in January for $903 million. After completion of both transactions, which are both subject to certain conditions and regulatory approvals, Total will own 100% of SapuraOMV.
SapuraOMV’s main assets include 40% operated interest in Block SK408 and 30% operated interest in Block SK310 offshore Sarawak in Malaysia. The Jerun gas field in Block SK408 is on track for startup in the second half of 2024.
Sapura also holds interests in exploration licenses in Malaysia, Australia, New Zealand and Mexico. A discovery was made in Block 30 in 2023.
“The SapuraOMV assets are fully in line with our strategy to grow our gas production to meet demand growth, focusing our portfolio on low-cost and low-emission assets,” Patrick Pouyanné, chairman and CEO of TotalEnergies. “We look forward to strengthening our global partnership with Petronas in Malaysia, a country where we see further development opportunities for our company.”
The transaction with Sapura Upstream Assets is expected to close in the second half of 2024.
Recommended Reading
U.S. Shale-catters to IPO Australian Shale Explorer on NYSE
2024-05-04 - Tamboran Resources Corp. is majority owned by Permian wildcatter Bryan Sheffield and chaired by Haynesville and Eagle Ford discovery co-leader Dick Stoneburner.
Exxon Shale Exec Details Plans for Pioneer’s Acreage, 4-mile Laterals
2024-05-03 - Exxon Mobil plans to drill longer, more capital efficient wells in the Midland Basin after a major boost from the $60 billion Pioneer Natural Resources acquisition. Data shows that Exxon is a leading operator drilling 4-mile laterals in the Permian’s Delaware Basin.
Infrastructure Company Savage Acquires Houston’s Texon
2024-05-03 - Texon, a midstream service provider, will continue operations under its legacy brand.
1Q24 Dividends Declared in the Week of April 29
2024-05-03 - With earnings season in full swing, upstream and midstream companies are declaring quarterly dividends. Here is a selection of dividends announced in the past week.
Pitts: US, Qatar Face off in LNG ‘Olympics’
2024-05-03 - In the LNG exporting space, the U.S. is squaring off with its fiercest competitor, Qatar, with both countries expected to outpace Australia