TotalEnergies Signs Agreement to Acquire 30% Interest in Two Major Offshore Gas Fields in Malaysia

en.Wedoany.com Reported - On November 1, France's TotalEnergies signed an agreement with PETRONAS Carigali, a subsidiary of Malaysia's national oil company PETRONAS, Thailand's PTT Exploration and Production Public Company Limited (PTTEP), and Kuwait Foreign Petroleum Exploration Company (KUFPEC) to acquire a 30% participating interest in each of the Lang Lebah and B14 gas fields offshore Sarawak, Malaysia, and to assume operatorship of both gas fields upon completion of the transaction. The signing ceremony was held in Abu Dhabi, United Arab Emirates, and the transaction remains subject to approval by the relevant regulatory authorities.

Lang Lebah is one of Malaysia's large offshore natural gas discoveries, with the B14 gas field located nearby. The two gas fields are planned to be developed under an integrated development scheme, sharing related production infrastructure. TotalEnergies expects the joint development project to unlock more than 6.5 trillion cubic feet of natural gas resources, equivalent to more than 1 billion barrels of oil equivalent, with a target plateau production of approximately 10 billion cubic meters per year during the stable gas production period.

The natural gas developed by the project is planned to supply Malaysia's existing Malaysia LNG liquefaction plant. TotalEnergies intends to establish a new natural gas production hub serving Malaysia's LNG supply system by integrating the development and production facilities of the two gas fields.

Upon completion of the transaction, TotalEnergies will hold a 30% working interest in each of the two gas fields, PTTEP and KUFPEC will each hold 25%, and PETRONAS Carigali will retain 20%. The transaction involves interest transfer and operatorship arrangements, and the relevant announcements did not disclose the acquisition consideration, the final investment decision date, or the timing of first gas from the fields.

This signing marks another asset allocation by TotalEnergies in Malaysia's offshore natural gas sector, following its acquisition of SapuraOMV's upstream business in 2024 and the expansion of its cooperation with PETRONAS in 2025. The transaction is currently at the stage of agreement signing and regulatory approval, and the 30% interest structure will formally take effect upon completion of the transaction.