Totalenergies get blocks in Malaysia and Indonesia
TotalEnergies is interested in several offshore blocks in Malaysia and one block from Petronas in one block in Indonesia.
The licenses are over 100,000km² and are in various stages of development.
Under the agreement, Totalenergies will operate a 50% profit on Malaysian blocks SK301B and SK313, along with Petronas’ subsidiary Petronas Caligari.
The block contains estimated gas reserves of over 4 trillion cubic feet, and includes developments aimed at contributing to Malaysia’s liquefied natural gas (LNG) exports from 2030.
In addition to the manipulated blocks, Totalenergies is also interested in several exploration blocks off the coast of Malaysia.
The completion of this transaction is pending customary terms, including regulatory approval.
This development is as follows: Sapuraomv acquisition In December 2024, Malaysia will strengthen its total institutional position in Southeast Asia, working with Petronas as a strategic hub.
A strategic cooperation agreement has been signed by Patrick Pouyanné, Chairman and CEO of Totalenergies, and Tan Sri Tengku Muhammad Taufik, president and group CEO of Petronas, to further strengthen collaboration in exploration and production businesses around the world.
Pouyanné said: “Totalenergies as a key gas producer in Malaysia is well established, and is seen as a strategic platform for future low-cost, low-carbon production and cash flow growth, supported by exposure to the Asian LNG market.
“The strategic collaboration between Totalenergies and Petronas, which extends far beyond Malaysia through multiple joint ventures around the world, provides access to a large, diverse portfolio in the country, from exploration to production.”
TotalEnergies has signed a contract to acquire a 24.5% profit from Bobara block off Indonesia from Petronas.
Taufik added: “For a long time, Petronas and Total Managers have demonstrated how complementary strengths unlock new opportunities. Today’s signature marks another important step in our shared commitment to responsible growth and long-term value creation.
“Together, we pursue and develop lucrative barrels across emerging exploration blocks in Malaysia and Indonesia’s frontiers. Our focus is on maximizing high commercial potential while providing sustainable value for all stakeholders.”
“TotalEnergies Get Blocks in Malaysia and Indonesia” was originally created and published Offshore Technologya brand owned by GlobalData.