TotalEnergies has expanded its gas portfolio by acquiring full ownership of SapuraOMV Upstream, a Malaysian independent gas producer.
The deal was concluded after TotalEnergies completed its purchase of the remaining 50% stakes held by OMV and Sapura Upstream Assets, making the French company the sole owner of the Malaysian operator.
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The acquisition process was divided into two phases.
In January 2024, TotalEnergies agreed to purchase OMV’s 50% interest in SapuraOMV for $903m (€859.58m), which included a $350m loan transfer.
This was followed by an April 2024 agreement to acquire the remaining 50% stake from Sapura Upstream Assets for $530m.
SapuraOMV, established in 2019 and headquartered in Kuala Lumpur, holds critical assets in offshore Malaysia, including a 40% stake in Block SK408 and a 30% stake in Block SK310, both located in Sarawak waters.
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By GlobalDataIn July 2024, under SapuraOMV’s operation, the Jerun field commenced gas production.
The field, part of the SK408 production sharing contract, is situated 160km north-west of Bintulu and was discovered in 2014.
The Jerun field’s central processing platform is designed for a production capacity of up to 550 million cubic feet per day (mcf/d) and is expected to yield 15,000 barrels per day (bpd) of condensate at peak production.
SapuraOMV’s operated production is projected to reach approximately 590mcf/d of natural gas, primarily feeding the Petronas-operated Bintulu liquefied natural gas (LNG) plant, along with 10,000bpd of condensates.
The assets are noted for their low production costs, below $5 per barrel of oil equivalent, and an overall emission intensity below 10kg of CO₂ equivalent per barrel of oil equivalent.
Sapura Energy interim chairman Shahin Farouque Jammal Ahmad said: “This strategic initiative underscores our commitment to Sapura Energy’s long-term Reset and debt restructuring plan; this divestment streamlines our portfolio and enables us to focus on our core capabilities, namely to deliver safe and innovative solutions to the energy industry.”
