TotalEnergies wraps up acquisition of Malaysian gas producer

TotalEnergies said in a statement on Tuesday it had finalized the acquisition of the interests of OMV (50 percent) and Sapura Upstream Assets (50 percent) in SapuraOMV Upstream.

TotalEnergies first signed a deal with Austria’s OMV in January this year to buy its 50 percent interest in SapuraOM, and then signed the second deal with Sapura Upstream Assets in April.

The deal with OMV included a consideration of $903 million, including the transfer of a $350 million loan granted by OMV to SapuraOMV.

TOtalEnergies paid $530 million to Sapura Upstream Assets for the 50 percent stake.

Additionally, Sapura Energy was relieved by TotalEnergies of a $175 million obligation in respect of a financing facility extended by OMV.

Bintulu LNG

SapuraOMV’s main assets are its 40 percent operated interest in block SK408 and 30 percent operated interest in block SK310, both located offshore Sarawak in Malaysia.

In 2024, SapuraOMV’s operated production supported by the start-up of the Jerun gas field in July, is expected to reach approximately 590 Mcf/d of natural gas, feeding the Bintulu LNG plant operated by Petronas, as well as 10 kb/d of condensates, TotalEnergies said.

The assets have production costs (ASC932) below 5 $/boe and an overall emission intensity below 10 kg CO2e/boe, according to TotalEnergies.

The Petronas-operated Bintulu LNG complex has a capacity of about 29.3 mtpa and includes MLNG Satu, MLNG Dua, MLNG Tiga, and Train 9, which started commercial operations in 2017.

In 2023, Petronas delivered 403 LNG cargoes from the Bintulu facility, down two cargoes from 2022.

During the first half of this year, Petronas delivered 192 LNG cargoes from the facility.

This is down eight cargoes compared to 200 shipments in the first half of 2023.