TotalEnergies to Acquire OMV's Malaysian Gas Assets for $903 Million

(P&GJ) — TotalEnergies has entered into an agreement with OMV for the acquisition of OMV's 50% interest in SapuraOMV Upstream Sdn, a Malaysian independent gas producer and operator. The deal is valued at $903 million, which includes the transfer of a $350 million loan from OMV to SapuraOMV.

The transaction involves SapuraOMV's significant assets, including a 40% operated interest in block SK408 and a 30% operated interest in block SK310, both offshore Sarawak in Malaysia. SapuraOMV's 2023 operated production reached approximately 500 Mcf/d of natural gas and 7 kb/d of condensates, contributing to the Bintulu LNG plant operated by Petronas.

The development of the Jerun gas field on block SK408 is scheduled for startup in the second half of 2024. The completion of the transaction is subject to customary conditions precedent and regulatory approvals, with the closing anticipated by the end of the first half of 2024.

SapuraOMV also holds exploration interests in Malaysia, Australia, New Zealand, and Mexico, with a discovery made in 2023 on block 30.

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