TTE - TotalEnergies Sells Its Subsidiary in Brunei for $259M | Benzinga
TotalEnergies SE (NYSE: TTE) announced that it has entered into an agreement with Hibiscus Petroleum Berhad to sell its subsidiary TotalEnergies EP (Brunei) B.V. for $259 million. Subject to necessary permission, the deal is expected to close in fourth-quarter 2024.
TotalEnergies EP (Brunei) B.V. owns and operates a 37.5% interest in Block B along with other partners. Block B, located 52.8 miles (85 kilometers) off the coast of Brunei, contains the Maharaja Lela/Jamalulam (MLJ) field, which started producing in 1999 and represented a net production of approximately 9,000 barrels of oil equivalent per day in 2023.
Acquisition & Divestiture
TotalEnergies continues with its strategic acquisitions in high-potential areas and sells non-core assets to achieve its long-term objective of improving production by focusing on the promising hydrocarbon-producing regions of the world.
This current transaction syncs with TTE's strategy to actively manage portfolio by monetizing mature assets and to concentrate on the most promising assets. The company has less exposure to the mature North America region, and its upstream assets have lower natural ...