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TotalEnergies acquires a major Malaysian gas operator

TotalEnergies announced the acquisition of 50% of Sapura Upstream Assets in SapuraOMV for $530 million, consolidating its position in the Malaysian gas industry.
TotalEnergies Malaisie

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TotalEnergies has confirmed the purchase of Sapura Upstream Assets’ (SUA) 50% stake in the Malaysian company SapuraOMV. This $530 million deal follows a similar purchase of OMV shares, establishing TotalEnergies as a major player in Malaysia. Patrick Pouyanné, Chairman and CEO of TotalEnergies, underlines the importance of this strategic expansion, strengthening their presence in natural gas resources.

Details of the operation

The acquisition includes the purchase of shares and a loan previously granted to SapuraOMV by OMV. The total transaction is worth around $903 million, consolidating TotalEnergies’ position in offshore gas fields. These fields, located offshore Sarawak, are essential for production for Petronas’ liquefaction plants.

TotalEnergies’ vision of gas

TotalEnergies sees gas as a key transition energy. With investments planned to increase the share of gas to 50% of sales by 2030, the company is banking on its ability to support the energy transitions of emerging economies. Gas is seen as a clean alternative to coal, especially in developing regions.

Future commitments to renewable energies

Although the commitment to gas is a priority, TotalEnergies is not neglecting low-carbon energies. One third of future investments will be dedicated to renewable energies, including green electricity and low-carbon molecules. This diversified strategy aims to balance oil and gas activities with environmental initiatives.

Strengthening partnerships with Petronas and consolidating activities in Malaysia are key steps for TotalEnergies. These strategic initiatives not only strengthen their presence in Asia, but also reinforce the company’s position in the regional energy transition.

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