KUALA LUMPUR: TotalEnergies, a global energy supplier company based in France, has affirmed its commitment to increasing its investment in Malaysia’s upstream oil and gas (O&G) sector, says Prime Minister Anwar Ibrahim.
In a post on X today, he said TotalEnergies also planned to continue exploring opportunities in the carbon storage field in Malaysia.
This follows a meeting with TotalEnergies CEO and chairman Patrick Pouyanne on the sidelines of the World Economic Forum (WEF) Special Meeting in Riyadh, Saudi Arabia.
Anwar, who is also the finance minister, arrived in Riyadh on Saturday for a three-day working visit, which includes participation in the WEF special meeting.
“TotalEnergies was established in 1984 in Malaysia and has investments in various sectors in the country including renewable energy, electricity, oil and carbon storage.
“Hopefully, this investment can be realised as soon as possible and trigger an overflow of prosperity for Malaysians, especially in creating more job opportunities and knowledge sharing,” he said.
TotalEnergies recently inked an agreement with Sapura Upstream Assets Sdn Bhd to acquire a 50% stake in Malaysian independent gas producer and operator SapuraOMV Upstream Sdn (SapuraOMV) for US$530 million (RM2.48 million), subject to closing adjustments.
SapuraOMV’s main assets include a 40% operating interest in block SK408 and a 30% operating interest in block SK310, both located off Sarawak.
SapuraOMV also has exploration licences in Malaysia, Australia, New Zealand and Mexico, where block 30 was discovered in 2023.
TotalEnergies owns interests in two production sharing contracts in the exploration phase. In June 2023, it signed an agreement with Petronas and Mitsui to develop a carbon storage project in Southeast Asia and explore multiple CO2 storage sites in the Malay Basin. - FMT
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