TotalEnergies has acquired interests from Petronas in multiple blocks offshore Malaysia and in one block offshore Indonesia, where exploration, appraisal and development programs will be progressed.
The licenses, which are all in different maturation stages, cover more than 100,000 km2.
TotalEnergies will notably hold, alongside Petronas through its wholly-owned subsidiary Petronas Carigali Sdn Bhd, a 50% operated working interest in Blocks SK301b and SK313, where significant gas discoveries (more than 4 Tcf) were made and are expected to be developed to support gas supply to Malaysia LNG from 2030.
TotalEnergies will also hold, alongside Petronas, interests in several exploration blocks offshore Malaysia. The transaction is subject to customary conditions, including regulatory approvals.
Following the SapuraOMV’s acquisition in December 2024, the transaction strengthens TotalEnergies’ position in South-East Asia with Malaysia as an anchor point, in partnership with Petronas.
Also, TotalEnergies has signed an agreement to acquire a 24.5% interest from Petronas in the Bobara block, offshore Indonesia, to carry out an exploration work program targeting oil prospects.
After completion, TotalEnergies will hold 24.5% working interest in the Production Sharing Contract while Petronas will retain the remainder of the working interest and operatorship in the block.
"TotalEnergies has established itself as a significant gas producer in Malaysia. We are pleased to further expand our presence in the country, which we see as a strategic platform for our future low-cost, low-carbon production and cash-flow growth, underpinned by the exposure to Asian LNG market.
“TotalEnergies and Petronas’ strategic collaboration, which extends well beyond Malaysia through our multiple joint ventures worldwide, enables us to access a large and diverse portfolio in the country, spanning from exploration to production,” said Patrick Pouyanné, Chairman and CEO of TotalEnergies.
“For a long time, Petronas and TotalEnergies have demonstrated how complementary strengths can unlock new opportunities. Today’s signing marks another significant step forward in our shared commitment to responsible growth and long-term value creation.
“Together, we will pursue and develop advantaged barrels across Malaysia's and Indonesia’s frontier emerging exploration blocks. Our focus is on maximizing high commercial potential while delivering sustainable value for all stakeholders,” added Tan Sri Tengku Taufik, Petronas President and Group Chief Executive Officer.
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