TotalEnergies has reached an agreement to sell its 100%-owned subsidiary TotalEnergies EP (Brunei) to Hibiscus Petroleum Berhad, an independent Malaysian oil and gas exploration and production company.

The $259 million transaction is scheduled to close in the fourth quarter of 2024.

TotalEnergies EP (Brunei) holds a 37.5% operated interest in Block B, alongside Shell Deepwater Borneo (35%) and Brunei Energy Exploration (27.5%).

Block B, located 85 km off the coast of Brunei, contains the Maharaja Lela/Jamalulam (MLJ) field, which started production in 1999 and represented a net production of around 9,000 barrels of oil equivalent per day for TotalEnergies in 2023.

This transaction is in line with our strategy of active portfolio management by monetizing our mature assets, and allocating our talents to the most promising assets", said Jean-Pierre Sbraire, CFO of TotalEnergies.

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