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KUALA LUMPUR (Dec 16): TotalEnergies has closed an agreement to divest an indirect interest of 9.998% in block SK408 offshore Sarawak to Thailand’s PTT Exploration and Production plc (PTTEP), the French energy major said on Tuesday.
Following the transaction, TotalEnergies retains a 30.002% interest in SK408, which it continues to operate.
The group said the divestment is aimed at optimising its Malaysian upstream portfolio while strengthening its long-standing partnership with PTTEP.
“With this transaction, TotalEnergies ensures efficient management of its portfolio in Malaysia, while strengthening ties with PTTEP, a long-standing partner of our company,” Nicolas Terraz, the president of exploration and production at TotalEnergies, said in a statement.
"We look forward to further contributing to the development of Malaysia’s energy resources," he added.
SK408 is a major gas development offshore Sarawak and is positioned as a key contributor to Malaysia’s energy security, according to TotalEnergies.
The divestment comes about a year after TotalEnergies completed the acquisition of SapuraOMV Upstream in December 2024, which gave it 40% operating interests in SK408 and 30% in SK310. It took over OMV’s 50% interest in SapuraOMV and the other 50% from Sapura Energy Bhd, now known as Vantris Energy Bhd (KL:VANTNRG).
SapuraOMV’s assets include the Jerun gas field in SK408, which achieved first gas in July 2024 and supplies natural gas to the Bintulu liquefied natural gas complex operated by Petroliam Nasional Bhd (PETRONAS).
TotalEnergies has since expanded its footprint in Malaysia through the acquisition of additional offshore blocks from PETRONAS in June 2025, reinforcing its position as one of the country’s largest gas operators.
The agreement with PETRONAS saw the French oil major acquiring a 50% operated working interest in two blocks offshore Sarawak — SK301b and SK313 — which contain gas discoveries amounting to more than four trillion cubic feet.
Following the latest transaction with PTTEP, TotalEnergies said it remains the operator of SK408 and continues to anchor its Malaysian strategy around gas assets offshore Sarawak.