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

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

TotalEnergies EP (Brunei) B.V. 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.

TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.

Hibiscus Petroleum Berhad is Malaysia’s first listed independent oil and gas exploration and production company. They focus on delivering value from producing oilfields and growing their portfolio of development and production assets in areas of their geographical focus, which includes Malaysia, Vietnam, the United Kingdom, and Australia.

The company aims to be a Respected, Valuable and Responsible Energy Company that builds on its upstream oil and gas expertise, while being conscious of the environment and caring for its people. Hibiscus Petroleum operates or jointly operates production sharing contracts or concessions in its areas of operation and has a strategy to leverage opportunities within its existing assets and make quality acquisitions selectively.

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