Thursday 18 July 2024

A TotalEnergies facility

TotalEnergies sells its subsidiary in Brunei for $259m

PARIS, June 14, 2024

TotalEnergies has reached a deal to sell its wholly-owned subsidiary TotalEnergies EP (Brunei) to Hibiscus Petroleum Berhad, a Malaysian independent oil and gas exploration and production company, for a consideration of $259 million. The transaction is expected to close in the fourth quarter 2024.
TotalEnergies EP (Brunei) owns and operates a 37.5% interest in Block B, alongside Shell Deepwater Borneo (35%) and Brunei Energy Exploration (27.5%).
Block B, located 85 kilometres off the coast of Brunei, contains the Maharaja Lela/Jamalulam (MLJ) field, which started producing in 1999 and represented a net production for TotalEnergies of approximately 9,000 barrels of oil equivalent per day in 2023.
“This transaction fits with our strategy to actively manage our portfolio by monetising mature assets and to allocate our talents to the most promising assets," said Jean-Pierre Sbraire, Chief Financial Officer of TotalEnergies.--TradeArabia News Service


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