REG-TotalEnergies SE TotalEnergies Signs an Agreement for the Acquisition of OMV’s Upstream Gas Assets in Malaysia

TotalEnergies SEAnnouncement

31/01/2024 14:15

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TotalEnergies Signs an Agreement for the Acquisition of OMV’s Upstream Gas
Assets in Malaysia

 

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) has signed an agreement with
OMV to acquire its 50% interest in Malaysian independent gas producer and
operator SapuraOMV Upstream Sdn (SapuraOMV) for a consideration of $903
million (including the transfer of a $350 million loan granted by OMV to
SapuraOMV), subject to customary closing adjustments.

SapuraOMV’s main assets are its 40% operated interest in block SK408 and 30%
operated interest in block SK310, both located offshore Sarawak in Malaysia.
In 2023, SapuraOMV’s operated production (100%) was about 500 Mcf/d of
natural gas, feeding the Bintulu LNG plant operated by Petronas, as well as 7
kb/d of condensates. On block SK408, the development of the Jerun gas field is
on track for startup in the second half of the year 2024

The transaction is subject to customary conditions precedent, in particular
the receipt of regulatory approvals. Closing is expected by the end of first
half of 2024.

SapuraOMV also holds interests in exploration licenses in Malaysia, Australia,
New Zealand and Mexico where a discovery has been made in 2023 on block 30.

“We are pleased to strengthen TotalEnergies’ position in Malaysia by
becoming shareholder of the independent gas producer SapuraOMV. Over the past
few years, we have developed a strategic international partnership with
Petronas, the national company of Malaysia. This transaction will anchor our
future growth in the country and reinforce our partnership with Petronas. With
their low production costs and low GHG intensity, SapuraOMV’s assets will
perfectly fit in TotalEnergies’ portfolio and participate in meeting the
growing demand of gas in Asia”, said Patrick Pouyanné, Chairman and CEO of
TotalEnergies.

***

About TotalEnergies in Malaysia

TotalEnergies owns interests in two PSCs in exploration phase and signed in
June 2023 an agreement with Petronas and Mitsui to develop a carbon storage
project in Southeast Asia and evaluate several CO(2) storage sites in the
Malay Basin.

About TotalEnergies

TotalEnergies is a global multi-energy company that produces and markets
energies: oil and biofuels, natural gas and green gases, renewables and
electricity. Our more than 100,000 employees are committed to energy that is
ever more affordable, more sustainable, more reliable and accessible to as
many people as possible. Active in nearly 130 countries, TotalEnergies puts
sustainable development in all its dimensions at the heart of its projects and
operations to contribute to the well-being of people.

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Cautionary Note

The terms “TotalEnergies”, “TotalEnergies company” or “Company” in
this document are used to designate TotalEnergies SE and the consolidated
entities that are directly or indirectly controlled by TotalEnergies SE.
Likewise, the words “we”, “us” and “our” may also be used to refer
to these entities or to their employees. The entities in which TotalEnergies
SE directly or indirectly owns a shareholding are separate legal entities.
This document may contain forward-looking information and statements that are
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future and are subject to a number of risk factors. Neither TotalEnergies SE
nor any of its subsidiaries assumes any obligation to update publicly any
forward-looking information or statement, objectives or trends contained in
this document whether as a result of new information, future events or
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TotalEnergies’ financial results or activities is provided in the most
recent Universal Registration Document, the French-language version of which
is filed by TotalEnergies SE with the French securities regulator Autorité
des Marchés Financiers (AMF), and in the Form 20-F filed with the United
States Securities and Exchange Commission (SEC).

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