French oil and gas company TotalEnergies has completed the sale of a 9.998% indirect stake in Malaysia’s block SK408 to Thailand’s national upstream company PTTEP.
With this sale, TotalEnergies will have a 30.002% interest in the asset.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Block SK408 is a gas development project operated by TotalEnergies and forms part of the company’s upstream portfolio in Malaysia.
TotalEnergies exploration and production president Nicolas Terraz said: “With this transaction, TotalEnergies ensures efficient management of its portfolio in Malaysia, while strengthening ties with PTTEP, a long-standing partner of our company.
“Together with PTTEP, we look forward to further contributing to the development of Malaysia’s energy resources.”
TotalEnergies has been operating in Malaysia since 1985 and is a partner of Petronas, Malaysia’s state-owned oil company.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThis latest transaction in Malaysia comes after TotalEnergies completed the acquisition of the remaining 50% stake in SapuraOMV in December last year from Sapura Upstream Assets for $530m (€450.24m), and additional stakes in Malaysian blocks from Petronas Carigali in June this year.
After the acquisition of SapuraOMV Upstream, TotalEnergies has reportedly become the third-largest gas operator in Malaysia.
The French oil company also holds interests in 16 other blocks offshore Sarawak and Sabah regions.
Through its affiliate, TotalEnergies Marketing Malaysia, TotalEnergies distributes petroleum products within the region.
In 2023, the company entered into an agreement with Petronas and Mitsui to jointly develop a CO₂ storage project in South East Asia.
As part of this collaboration, the partners are evaluating multiple prospective sites for CO₂ storage in the Malay Basin.
