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TotalEnergies Sells Minority Stake in Malaysia's Marjoram Gas Field to Inpex for $350 Million

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French energy major TotalEnergies (TTE) has divested its minority interest in Malaysia's Marjoram gas field to Japanese peer Inpex for $350 million, according to a statement on Thursday.

TotalEnergies has sold its 85% interest in Block 2E offshore Malaysia, which represents an 8.5% minority non-operated interest in the gas project now being developed, the French company said in a statement.

"Through this transaction, TotalEnergies crystallizes the full value of this minority interest in a non-operated gas project, to focus on its operated portfolio and strategic growth opportunities in Malaysia," it said.

The transaction aligns with the company's strategy of actively managing its portfolio and prioritising material positions to support the development of low-cost, low-emission projects, said Nicolas Terraz, President of Exploration & Production.

Malaysia serves as a strategic platform for the company's low-cost, low-emission growth strategy, with the Jerun field now on stream and amid a large portfolio of opportunities, Terraz said.

TotalEnergies, which has been present in Malaysia since 1985, has operated and non-operated interests in 17 offshore blocks off the coast of Sarawak and Sabah.

The company is the third-largest gas producer in the country and also markets petroleum products via its subsidiary TotalEnergies Marketing Malaysia, the statement said.

In 2023, TotalEnergies entered into an agreement with Petronas and Mitsui for the development of a carbon-dioxide storage project in Southeast Asia and to review potential sites in the Malay Basin.

In April this year, the company disclosed a $2.2 billion joint venture with Masdar for the acceleration of renewable energy in Asia, especially Malaysia, the statement said.

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