TotalEnergies has entered an agreement to acquire OMV’s 50% stake in SapuraOMV, a Malaysian independent gas producer, for $903 million (£703m).
The deal includes taking over OMV’s $350 million (£274m) loan to SapuraOMV. SapuraOMV’s key assets in Block SK408 and Block SK310 contribute around 500 million cubic feet per day of natural gas and 7,000 barrels per day of condensate.
The transaction, subject to regulatory approvals, is expected to conclude by the end of H1 2024, reinforcing TotalEnergies’ position in Malaysia‘s gas sector.
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