TotalEnergies Wraps Up Acquisition of SapuraOMV’s Gas Assets

(Credit: TotalEnergies)

French energy major TotalEnergies has completed the acquisition of OMV’s and Sapura Upstream Assets’ in SapuraOMV Upstream (SapuraOMV), an independent gas producer in Malaysia.

SapuraOMV’s main assets are its 40% operated interest in block SK408 and 30% operated interest in block SK310, both located offshore Sarawak in Malaysia.

In 2024, SapuraOMV’s operated production (100%), supported by the start-up of the Jerun gas field in July, is expected to reach approximately 590 Mcf/d of natural gas, feeding the Bintulu LNG plant operated by Petronas, as well as 10 kb/d of condensates.

The assets have production costs (ASC932) below 5 $/boe and an overall emission intensity below 10 kg CO2e/boe.

TotalEnergies has been operating in Malaysia since 1985, and is a long-standing partner of the national oil company Petronas. Following the completion of the acquisition of SapuraOMV Upstream, TotalEnergies employs about 300 people in the country, and holds operated interests of 40% in block SK408 and 30% in block SK310, as well as a 40% interest in block SB412.

These interests round out its existing portfolio of 34.9% in both blocks SB-2K and SB-N and 85% in block DW2E.

Via its affiliate TotalEnergies Marketing Malaysia, TotalEnergies also markets petroleum products. The Company also signed a deal with Petronas and Mitsui in 2023 to develop a CO2 storage project in Southeast Asia and assess several potential sites in the Malay Basin.