TotalEnergies EP (Brunei) currently operates and owns 37.5% interest in Block B. (Source: Shutterstock)
TotalEnergies is selling its wholly-owned subsidiary TotalEnergies EP (Brunei) BV to Malaysian independent E&P Hibiscus Petroleum Berhard for $259 million.
TotalEnergies’ subsidiary owns interest and operates in Block B, an offshore block 85 km off the coast of Brunei and containing the Maharaja Lela/Jamalulam (MLJ) field. TotalEnergies produced approximately 9,000 boe/d from the field in 2023.
“This transaction fits with our strategy to actively manage our portfolio by monetizing mature assets and to allocate our talents to the most promising assets,” said TotalEnergies CFO Jean-Pierre Sbraire.
TotalEnergies EP (Brunei) currently operates and owns 37.5% interest in Block B with Shell Deepwater Borneo (35%) and Brunei Energy Exploration (27.5%).
The deal is expected to close in the fourth quarter 2024.
Recommended Reading
The Midland—Oxy’s Second Growth Engine—Already Purring
2024-12-04 - From 18,000-ft laterals to new exploration in the Emma Barnett, Thaimar Ramirez, president and general manager of Oxy’s Midland Basin Business Unit, detailed the integration of its $12 billion CrownRock takeover.
As Upstream M&A Settles, Oilfield Services Gear Up for More Deals
2024-12-06 - Within the first nine months of 2024, oilfield services dealmaking hit $19.7 billion—the highest since 2018, according to Deloitte.
Marubeni Acquires 50% Stake in Ozona’s Eagle Ford CCS Project
2024-09-25 - Japanese oil and gas producer Marubeni Corp. has acquired a 50% stake in Ozona CCS’ Eagle Ford Shale project in the Hawkville Field.
PEDEVCO Teams Up with Denver E&P To Develop D-J Basin Acreage
2024-10-01 - PEDEVCO is teaming up with a private equity-backed Colorado operator to jointly develop the SW Pony Prospect in Weld County, Colorado.
'A Renewed Look': Central Basin Platform's Old Rock Gains New Interest
2024-10-29 - As majors prune their portfolios to sell non-core assets, M&A activity is heating up on the Permian’s Central Basin Platform and Northwest Shelf—and Ring Energy hopes to be a buyer.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.