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.
Related News
Related News
![](/media/2035/pgj-enews-graphic-300x1404.jpg)
- Mexican President: Billionaire Slim Interested in Pemex Natural Gas Project
- Freeport LNG Sues Three Contractors Over Defects at Texas Plant
- Energy Transfer Adds 6,000 Miles of Pipeline with $3.25 Billion WTG Midstream Acquisition
- FERC Approves Transco's Texas to Louisiana Gas Pipeline Project
- Williams Says Court Rules in Its Favor in Pipeline Dispute with Energy Transfer
- U.S. to Buy 4.5 Million Barrels of Oil to Replenish Strategic Petroleum Reserve
- Kurdish Oil Smuggling to Iran Flourishes
- U.S. Court Overturns Alaska Oil Lease Sale, Halting Energy Development
- Second Gas Pipeline Rupture in Texas’ Reeves County Raises Environmental Concerns
- Williams Begins Louisiana Pipeline Construction Despite Ongoing Legal Dispute with Energy Transfer
Comments