Global energy major TotalEnergies has agreed to sell its minority stake in the offshore Marjoram gas field in Malaysia to Japanese firm INPEX for US$350 million (AU$525 million).
The deal involves the divestment of TotalEnergies’ 85 per cent interest in Block 2E off the coast of Malaysia, which equates to a net 8.5 per cent interest in the Marjoram gas project currently under development.
According to the French major, the sale allows the company to crystallise the full value of a non-operated asset so it can shift its focus toward its operated portfolio and emerging low-carbon growth opportunities within the country.
TotalEnergies President of Exploration and Production, Nicolas Terraz, said the agreement directly matches the company’s broader global objectives.
“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,” Terraz said.
“With the Jerun field now on stream and a large portfolio of opportunities, Malaysia remains a strategic platform for TotalEnergies’ growth strategy, serving both the country and the wider Southeast Asia region.”
For INPEX, the acquisition will add to the expansion of its Malaysian business portfolio. It also reflects the company’s efforts to expand its natural gas business as outlined in its INPEX Vision 2035.
The company will continue to contribute to the stable supply of energy, with a focus on natural gas,
across Southeast Asia, including Malaysia, while proactively pursuing opportunities to expand
its business activities in the region
TotalEnergies has maintained a strong presence in Malaysia since 1985 through a long-standing partnership with national oil company PETRONAS.
Following its recent acquisition of SapuraOMV Upstream, TotalEnergies solidified its position as Malaysia’s third-largest gas producer, employing around 300 people across 17 offshore blocks in Sarawak and Sabah.
The company is also heavily investing in future-focused projects in the region. In 2023, TotalEnergies teamed up with PETRONAS and Mitsui to develop a major carbon dioxide storage project in the Malay Basin.
More recently, in April, the energy giant launched a US$2.2 billion joint venture with Masdar to rapidly scale up renewable energy infrastructure across Malaysia and the broader Asian market.
