TotalEnergies said that it agreed to sell its wholly-owned subsidiary in Brunei to Hibiscus Petroleum Berhad, a Malaysian independent oil and gas exploration and production company, for $259 million.
The transaction is expected to close in the fourth quarter 2024.
TotalEnergies EP (Brunei) owns and operates a 37.5% interest in Block B offshore area, 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 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.