FX.co ★ TotalEnergies To Sell Its Subsidiary In Brunei To Hibiscus Petroleum For $259 Mln

TotalEnergies has announced its agreement to sell its wholly-owned subsidiary, TotalEnergies EP (Brunei) B.V., to Hibiscus Petroleum Berhad—a Malaysian independent oil and gas exploration and production company—for $259 million. The transaction is slated for completion in the fourth quarter of 2024.

TotalEnergies EP (Brunei) B.V. holds a 37.5% interest in Block B, operating alongside Shell Deepwater Borneo (35%) and Brunei Energy Exploration (27.5%).

Block B, situated 85 kilometers off Brunei's coast, includes the Maharaja Lela/Jamalulam field. This field commenced production in 1999 and contributed around 9,000 barrels of oil equivalent per day to TotalEnergies' net production in 2023.