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
