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.