TotalEnergies has announced the divestment of its 85 per cent interest in Block 2E offshore Malaysia to Inpex for $350 million, representing a net 8.5 per cent stake in the under-development Marjoram gas field.

The company said the deal allows it to crystallise the full value of its minority interest in a non-operated gas project, while refocusing on its operated portfolio and strategic growth opportunities in Malaysia.

“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’ low-cost, low-emission growth strategy, serving both the country and the wider Southeast Asia region,” said Nicolas Terraz, President Exploration & Production at TotalEnergies. -OGN/TradeArabia News Service