TotalEnergies strikes deal for OMV interests offshore Malaysia

Jan. 31, 2024

TotalEnergies has agreed to acquire OMV’s 50% stake in SapuraOMV Upstream, an independent gas producer and operator based in Kuala Lumpur, for $903 million.

Related To: TotalEnergies

OMV CEO Alfred Stern said, “This agreement streamlines our Energy portfolio and is in line with the OMV Strategy 2030 of reducing oil and gas production over time. Furthermore, this divestment will help OMV crystalize value and re-deploy capital for new strategic projects.' — OMV CEO Alfred Stern said, “This agreement streamlines our Energy portfolio and is in line with the OMV Strategy 2030 of reducing oil and gas production over time. Furthermore, this divestment will help OMV crystalize value and re-deploy capital for new strategic projects."

Offshore staff

PARIS, France — TotalEnergies has agreed to acquire OMV’s 50% stake in SapuraOMV Upstream, an independent gas producer and operator based in Kuala Lumpur, for $903 million.

The sum includes $350 million related to OMV's loan to SapuraOMV. Pending regulatory approvals, the deal should complete by the end of June.

SapuraOMV has a 40% operated interest in Block SK408 and 30% in Block SK310, both offshore Sarawak, Malaysia. The company’s operated gas production last year of about 500 MMcf/d was all exported to the Petronas-operated Bintulu liquefaction plant; it also produced 7,000 bbl/d of condensate.

Currently, the development of the Jerun gas field in Block SK408 is nearing completion, with startup expected later this year.

SapuraOMV, a 50:50 joint venture between Sapura Energy and OMV formed in 2019, also has production and development interests in shallow waters elsewhere offshore Malaysia as well as exploration permits in Mexico (including a discovery last year on offshore Block 30), Australia and New Zealand.

OMV added that the sales process continues for 100% of its shares in OMV New Zealand Ltd.

01.31.2024