TotalEnergies sells Brunei subsidiary to Hibiscus Petroleum for $259M, including 37.5% stake in Block B and its MLJ field.
TotalEnergies SE has agreed to sell its Brunei subsidiary, TotalEnergies EP (Brunei) BV, to Malaysian oil and gas company Hibiscus Petroleum Berhad for $259 million. The deal includes TotalEnergies EP (Brunei) BV's 37.5% stake in Block B, which contains the Maharaja Lela/Jamalulam (MLJ) field, 85 km off the coast of Brunei. The sale is expected to close in the fourth quarter of 2024, aligning with TotalEnergies' strategy to optimize its portfolio and focus on growth areas.
June 14, 2024
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