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Inpex said in a statement on Thursday that it purchased the stake via its wholly-owned Malaysian subsidiary, which is currently undergoing a corporate name change.
Following the purchase, Inpex holds an 85 percent operating stake in the block located off the coast of Sarawak, and Malaysian energy giant Petronas holds a 15 percent stake.
Inpex said the stake acquisition of the block located off the coast of Sarawak is expected to contribute to the expansion of its business portfolio in Malaysia and further strengthen the company’s business foundation in the country.
“The acquisition also reflects Inpex’s efforts to expand its natural gas/LNG business as outlined in Inpex Vision 2035, which was announced in February 2025,” the company said.
Inpex added that it 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 said in a separate statement that it sold the interest for a consideration of $350 million.
The French firm said the divestment represents a net interest of 8.5 percent in the Marjoram gas field, which is currently under development.
“Through this transaction, TotalEnergies crystallizes the full value of this minority interest in a non-operated gas project, to focus on its operated portfolio and strategic growth opportunities in Malaysia,” it said.
“This agreement is fully aligned with our strategy of actively managing our portfolio and prioritizing material positions to support our ambition to develop low-cost, low-emission projects,” Nicolas Terraz, president exploration and production at TotalEnergies, said.
“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 Southeast Asia region,” Terraz said.