TotalEnergies Sells Brunei Subsidiary Along Block B Field Operatorship Interest

© Mike Mareen / Adobe Stock
© Mike Mareen / Adobe Stock

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

The transaction is expected to close in the fourth quarter 2024.

TotalEnergies EP (Brunei) 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 kilometers 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 9,000 barrels of oil equivalent per day in 2023.

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

Current News

Crown LNG Picks IKM for Engineering Design of Scottish Floating LNG Terminal

Crown LNG Picks IKM for Engine

GB Energy and Crown Estate Launch Offshore Wind Partnership

GB Energy and Crown Estate Lau

Port San Luis Harbor District Eyes Offshore Wind Prize in California

Port San Luis Harbor District

Jan de Nul Reveals Name of New XL Cable Layer

Jan de Nul Reveals Name of New

Subscribe for OE Digital E‑News

Offshore Engineer Magazine