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TotalEnergies sells its subsidiary in Brunei

Published by , Editorial Assistant
Oilfield Technology,

TotalEnergies has entered into an agreement to sell its wholly-owned subsidiary TotalEnergies EP B.V. to Hibiscus Petroleum Berhad, a Malaysian independent oil and gas exploration and production company, for a consideration of US$259 million.

The transaction is expected to close in the 4Q24.

TotalEnergies EP (Brunei) B.V. owns and operates a 37.5% interest in Block B, alongside Shell Deepwater Borneo (35%) and Brunei Energy Exploration (27.5%)

Block B, located 85 km off the coast of Brunei, contains the Maharaja Lela/Jamalulam (MLJ) field, which started producing in 1999 and represented a net production for TotalEnergies of approximately 9000 boe/d in 2023.

“This transaction fits with our strategy to actively manage our portfolio by monetising mature assets and to allocate our talents to the most promising assets”, said Jean-Pierre Sbraire, Chief Financial Officer of TotalEnergies.

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