TTE - Double Play in Asia: TotalEnergies Expands Gas Portfolio in Malaysia and Oman | Benzinga
On Monday, TotalEnergies SE (NYSE:TTE) inked an agreement to buy a 50% stake in Malaysian independent gas producer and operator SapuraOMV Upstream Sdn for $530 million, subject to closing adjustments.
SapuraOMV’s primary assets are its 40% operated stake in block SK408 and 30% operated interest in block SK310, located in offshore Sarawak in Malaysia.
The deal is expected to close in the second half of 2024, and post-closure, TotalEnergies will fully own SapuraOMV.
Patrick Pouyanné, Chairman and CEO of TotalEnergies, said, “Following the transaction with OMV announced two months ago and this new transaction with Sapura Upstream Assets, TotalEnergies will have full ownership of SapuraOMV and become a significant gas operator in Malaysia.”
“The SapuraOMV assets are fully in line with our strategy to grow our gas production ...