TotalEnergies to acquire remaining 50% of Malaysia's SapuraOMV
France's TotalEnergies has entered into an agreement with Sapura Upstream Assets (SUA) to acquire its remaining 50% interest in SapuraOMV Upstream, a Malaysian independent gas producer and operator, for $530mn, subject to closing adjustments, it said on April 22. The closing of the deal is anticipated in the second half of 2024.
This deal follows a previous agreement signed with OMV on January 31, 2024, regarding the acquisition of its 50% interest in SapuraOMV. Upon the completion of both transactions, contingent on certain conditions, including regulatory approvals, TotalEnergies will have 100% ownership of SapuraOMV.
SapuraOMV Upstream is a Malaysian joint venture between Austria's OMV and Sapura Energy.
“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 Pouyanne, CEO of TotalEnergies, said.
SapuraOMV Upstream holds a 40% operated interest in block SK408 and a 30% operated interest in block SK310, both situated offshore Sarawak in Malaysia. In 2023, its operated production reached approximately 500mn ft3/d of natural gas and 7,000 b/d of condensates. These resources contribute to the Bintulu LNG plant operated by Petronas. Additionally, the development of the Jerun gas field on block SK408 is on track for startup in the second half of 2024.