KUALA LUMPUR: TotalEnergies has agreed to sell its minority non-operated interest in the Marjoram gas field offshore Malaysia to INPEX for US$350mil as part of its portfolio optimisation strategy.
In a statement, the French energy major said it will divest its 85% interest in Block 2E, representing a net 8.5% stake in the Marjoram gas field, which is currently under development.
It said the transaction enables it to crystallise the full value of its minority interest in the non-operated gas project while sharpening its focus on operated assets and strategic growth opportunities in Malaysia.
“This agreement is fully aligned with our strategy of actively managing our portfolio and prioritising material positions to support our ambition to develop low-cost, low-emission projects.
“With Jerun field now on stream and a large portfolio of opportunities, Malaysia is a strategic platform for TotalEnergies’ low-cost, low-emission growth strategy, serving both the country and the wider Southeast Asia region,” TotalEnergies exploration & production president Nicolas Terraz said.