TotalEnergies will operate some of the blocks with a 50% stake in a partnership with Petronas. (Source: Shutterstock)
TotalEnergies acquired offshore positions from Malaysia’s Petronas, totaling more than 38,610 square miles of blocks in varying stages of development, TotalEnergies announced June 16.
The deal includes property in Malaysia and Indonesia. TotalEnergies said in its announcement that the play would help the company develop a natural gas supply for nearby LNG facilities starting in 2030.
TotalEnergies will operate some of the blocks with a 50% stake in a partnership with Petronas. The area has proven reserves of around 4 Tcf of natural gas.
“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.
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