Following the completion of these transactions, TotalEnergies will own 100% of SapuraOMV. Credit: HJBC/Shutterstock.

TotalEnergies has signed an agreement to acquire the remaining 50% interest in Malaysian gas producer SapuraOMV from Sapura Upstream Assets for $530m (€496.14m).  

This follows an earlier deal in January 2024, where TotalEnergies agreed to purchase OMV‘s 50% stake in SapuraOMV for $903m, which includes a $350m loan transfer.  

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Following the completion of these transactions, expected in the second half of 2024 and subject to regulatory approvals, TotalEnergies will own 100% of SapuraOMV. 

SapuraOMV, based in Kuala Lumpur, was formed in 2019 and has key assets in Malaysia. 

Its assets include a 40% interest in block SK408 and a 30% interest in block SK310, both offshore Sarawak.  

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In 2023, SapuraOMV’s production reached around 500,000ft³ per day of natural gas, alongside 7,000 barrels of condensates daily, supplied to Petronas’ Bintulu liquified natural gas (LNG) plant.  

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The Jerun gas field in block SK408 is expected to start production in the latter half of 2024. 

The company also has exploration licences in Malaysia, Australia, New Zealand and Mexico, with a notable discovery in block 30 in 2023.  

TotalEnergies chairman and CEO Patrick Pouyanné said: “Following the transaction with OMV announced two months ago and this new transaction with Sapura Upstream Assets, TotalEnergies will have full ownership of SapuraOMV and become a significant gas operator in Malaysia.  

“The SapuraOMV assets are fully in line with our strategy to grow our gas production to meet demand growth, focusing our portfolio on low-cost and low-emission assets. We look forward to strengthening our global partnership with Petronas in Malaysia, a country where we see further development opportunities for our company.” 

In a separate development, TotalEnergies signed a deal with Oman LNG to procure 800,000 tonnes per annum of LNG starting from 2025.  

This ten-year agreement coincided with the final investment decision for the Marsa LNG project in Oman.