TotalEnergies has announced the sale of its 8.5 per cent net interest in the Marjoram gas field, located in Block 2E offshore Malaysia, to Inpex for US$350 million.
The French energy company’s share in the field represents an 85 per cent stake in Block 2E, which is a minority, non-operated position in the gas project currently under development. Petronas Carigali holds the remaining 15 per cent stake in the block.
The Marjoram gas field is a deepwater sour gas discovery made in 2014 and is being co-developed with the neighbouring Rosmari field as part of a single integrated initiative known as the Rosmari-Marjoram Project.
Shell serves as the operator of the Rosmari-Marjoram development.
For Inpex, the acquisition is expected to expand its business portfolio in Malaysia and strengthen the company’s business foundation in the country.
For TotalEnergies, the transaction allows the company to realise the full value of its interest in the non-operated asset, and also aligns with its strategy to prioritise operated assets and focus on growth opportunities in Malaysia.
TotalEnergies exploration and production president Nicolas Terraz said: “This agreement is fully aligned with our strategy of actively managing our portfolio and prioritising material positions to support our ambition to develop low-cost, low-emission projects.
“With Jerun field now on stream and a large portfolio of opportunities, Malaysia is a strategic platform for TotalEnergies’ low-cost, low-emission growth strategy, serving both the country and the wider South East Asia region.”
TotalEnergies has had operations in Malaysia since 1985 and maintains a partnership with the country’s national oil company, Petronas.
The acquisition of SapuraOMV Upstream has made TotalEnergies the third largest gas producer in Malaysia.
The group employs approximately 300 people in the country and holds both operated and non-operated stakes in 17 offshore blocks off Sarawak and Sabah.
In 2023, TotalEnergies signed an agreement with Petronas and Mitsui to develop a carbon dioxide storage project in South East Asia and assess sites in the Malay Basin.
The Marjoram divestment comes amid a period of active portfolio management for TotalEnergies.
Last month, the company entered the Bab Gas Cap concession in Abu Dhabi, United Arab Emirates, with a 10 per cent interest, joining a consortium led by ADNOC, which holds a 60 per cent stake.
Together, these moves illustrate a pattern for TotalEnergies of trimming smaller, non-operated positions while pursuing new opportunities that fit its focus on low-cost, low-emission growth, whether through operated assets in established markets like Malaysia or new entries into gas developments elsewhere in the Middle East.
For Inpex, the Marjoram acquisition adds another operated interest in Southeast Asia’s gas sector, reinforcing the company’s stated ambitions under Vision 2035 to build out its natural gas and LNG business as global demand for the fuel continues to evolve.
