on TOTALENERGIES (EPA:TTE)
TotalEnergies sells its subsidiary in Brunei
Paris, June 14, 2024 – TotalEnergies has signed an agreement to sell its subsidiary TotalEnergies EP (Brunei) BV to Hibiscus Petroleum Berhad. The transaction amount is worth $259 million and is expected to be finalized in the fourth quarter of 2024.
TotalEnergies EP (Brunei) BV has a 37.5% stake in Block B, along with Shell Deepwater Borneo (35%) and Brunei Energy Exploration (27.5%). Block B, located 85 km offshore Brunei, includes the Maharaja Lela/Jamalulam (MLJ) field.
Production from the MLJ field began in 1999 and represented approximately 9,000 barrels of oil equivalent per day for TotalEnergies in 2023. Jean-Pierre Sbraire, Chief Financial Officer of TotalEnergies, says that this sale is part of their active portfolio management strategy.
R. P.
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