TotalEnergies sells its Brunei subsidiary to Hibiscus for $259 million

TotalEnergies has signed an agreement to sell its wholly owned subsidiary, TotalEnergies EP (Brunei) BV, to Hibiscus Petroleum Berhad, an independent Malaysian oil and gas exploration and production company, for $259 million. The transaction is expected to close in the fourth quarter of 2024.

TotalEnergies EP (Brunei) BV owns and operates a 37.5% interest in Block B, which is also owned and operated by Shell Deepwater Borneo (35%) and Brunei Energy Exploration (27.5%).

Block B is located 85 km off the coast of Brunei and contains the Maharaja Lela/Jamalulam (MLJ) field, which began production in 1999 and contributed net production of approximately 9,000 boe/d to Total Energy by 2023.

“This transaction is in line with our strategy to actively manage our portfolio by monetizing mature assets and deploy our talents on the most promising assets,” said Jean-Pierre Sbraire, Chief Financial Officer of Total Energy.