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total energy (NYSE:TTE) has reached an agreement to sell its wholly-owned subsidiary TotalEnergies EP (Brunei) BV to Hibiscus Petroleum Berhad, a Malaysian independent oil and gas exploration and production company, for US$259 million. late Thursday.
TotalEnergies EP (Brunei) BV owns and operates a 37.5% interest in Block B, along with Shell Deepwater Borneo (35%) and Brunei Energy Exploration (27.5%).
Block B, 85 kilometers off the coast of Brunei Darussalam, contains the Maharaja Lela/Jamalulam (MLJ) field, which began production in 1999 and will provide TotalEnergies (TTE) with a net production of approximately 9,000 barrels of oil equivalent per day by 2023, the company said.
Jean-Pierre Sbraire, Chief Financial Officer of TotalEnergies, said: “This transaction is consistent with our strategy to actively manage our portfolio through monetization of mature assets and allocate our talent to the most promising assets.”
The transaction is expected to close in the fourth quarter of 2024.
