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TotalEnergies sells 9.998% stake in Malaysia’s SK408 block to PTTEP

TotalEnergies has completed the sale of a minority stake in a Malaysian offshore gas block to PTTEP, while retaining its operator role and a majority share.

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TotalEnergies has finalised an agreement to divest an indirect 9.998% interest in block SK408 in Malaysia to PTT Exploration and Production Public Company Limited (PTTEP). The French group retains a 30.002% stake in this gas block located offshore East Malaysia, along with its operator status.

Strengthening a strategic partnership

This transaction is part of a broader strategy to optimise TotalEnergies’ asset portfolio in the region. The group is reinforcing its cooperation with PTTEP, the Thai state-owned company already involved in several joint projects. The operation follows the acquisition of SapuraOMV in December 2024 and the purchase of interests in multiple blocks from PETRONAS Carigali Sdn Bhd during the first half of 2025.

Nicolas Terraz, President of Exploration and Production at TotalEnergies, stated that the transaction allows for “efficient portfolio management in Malaysia” while deepening ties with a long-standing partner. No financial details of the deal were disclosed.

Wider footprint offshore Sarawak and Sabah

In addition to block SK408, TotalEnergies also holds a 30% stake in block SK310 and interests in 16 other offshore blocks near the states of Sarawak and Sabah. These assets represent a significant component of the country’s gas production, supplying both domestic demand and liquefied natural gas (LNG) exports.

Alongside its upstream oil and gas operations, TotalEnergies is developing hybrid projects combining solar and battery technologies to power industrial customers under the Corporate Renewable Electricity Supply Scheme (CRESS), a framework supported by Malaysian authorities.

Carbon storage prospects in Southeast Asia

In 2023, TotalEnergies signed an agreement with Petroliam Nasional Berhad (PETRONAS) and Mitsui & Co. Ltd. to initiate a carbon dioxide (CO2) storage initiative in Southeast Asia. The assessment of several potential sites in the Malay Basin is ongoing. This initiative aims to address growing demand from regional industries for emissions reduction solutions.

The partial divestment of block SK408 comes amid a regional context of intensified energy cooperation and capital reallocation towards high-value gas assets.

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