Kuala Lumpur-based oil and gas producer Hibiscus Petroleum Berhad has agreed to purchase a Brunei subsidiary of France’s TotalEnergies for $259 million. The acquisition, facilitated by Malaysian law firm Murad Yee Partnership, represents a significant expansion for Hibiscus.
Hibiscus Buys TotalEnergies Unit For $259M : Details of the Acquisition
The subsidiary, TotalEnergies EP (Brunei) B.V., holds a 37.5% stake in Block B, a gas-producing field located off the coast of Brunei in Southeast Asia. This stake is co-owned with Shell Deepwater Borneo, holding 35%, and Brunei Energy Exploration, holding 27.5%, as per the announcement.
Strategic Expansion for Hibiscus
“We have been looking for the right opportunity to enter the Brunei energy industry for some time and we would like to thank TotalEnergies for trusting Hibiscus Petroleum to steward this asset going forward,” said Kenneth Pereira, Hibiscus’ managing director.
He added, “The additional volumes from this transaction are material for Hibiscus Petroleum and will provide an uplift of nearly 86% to our gas production.”
Hibiscus Buys TotalEnergies Unit For $259M : Legal and Financial Aspects
Murad Yee Partnership advised Hibiscus on the deal, while counsel information for TotalEnergies was not immediately available. The transaction, expected to close between October and December, will require approval from Hibiscus’ investors. TotalEnergies Brunei staff will also transition to Hibiscus under this deal.
