Upon finalizing the deal, TotalEnergies will gain full ownership of SapuraOMV’s primary assets, which include significant stakes in two offshore gas fields near Sarawak on the island of Borneo. These assets are crucial for the Bintulu LNG complex, one of the largest liquefied natural gas production facilities globally, which processed about 500,000 cubic feet of natural gas daily in 2023.
TotalEnergies To Buy Sapura Upstream For $530M : Expanding Horizons
TotalEnergies is not only focusing on expanding its gas production but also on sustainability initiatives in the region. Earlier this June, the company agreed to partner with Malaysian energy giant Petronas and Japan’s Mitsui & Co. on a carbon storage project in Southeast Asia, highlighting its commitment to environmental responsibility.
Despite these expansive projects, TotalEnergies’ shares on the Euronext Paris stock exchange showed little change, maintaining a steady position at €67.74 after the announcement.
As TotalEnergies gears up to finalize this acquisition, the energy landscape in Malaysia and the broader Southeast Asian region stands on the cusp of transformation, driven by increased production capabilities and strategic industry alliances.
