TotalEnergies has agreed to sell its minority non-operated interest in the Marjoram gasfield offshore Malaysia to INPEX for USD 350 million, the companies said on Thursday.
The transaction covers TotalEnergies’ 85% interest in Block 2E, representing a net interest of 8.5% in the Marjoram gasfield, which is currently under development. TotalEnergies said the divestment is part of a move to shed non-operated interests in the country and focus on operated assets that offer growth opportunities.
“This agreement is fully aligned with our strategy of actively managing our portfolio and prioritising material positions to support our ambition to develop low-cost, low-emission projects. With Jerun field now on stream and a large portfolio of opportunities, Malaysia is a strategic platform for TotalEnergies,” said Nicolas Terraz, president of exploration and production at TotalEnergies.
TotalEnergies has operated in Malaysia since 1985 and became the country’s third-largest gas producer in 2024 with the acquisition of SapuraOMV Upstream. The company holds interests in 17 offshore blocks and is expanding its low-carbon portfolio with a CCS project with Petronas and Mitsui.
INPEX is Japan’s largest E&P company and engages in the development and operation of oil and gas projects worldwide.