French oil and gas major TotalEnergies has sold its 85% interest in Block 2E offshore Malaysia, representing a net interest of 8.5% in the Marjoram gas field, to Inpex for $350m.
Through this transaction, TotalEnergies has realised the full value of its minority interest in a non-operated gas project, enabling it to focus 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 the 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 of exploration and production at TotalEnergies.
The Marjoram field is currently under development, located in deepwater off Malaysia, and is operated by Shell. It is part of the wider Marjoram-Rosmari conventional gas development.
The project is expected to start commercial production in 2026. The final investment decision for the project was approved in 2022. The development cost is expected to be over $10bn. It will involve a fixed platform, subsea tree, and wellhead platforms.
