TotalEnergies announced that it is divesting its 85% interest in Block 2E offshore Malaysia to INPEX. The stake represents a net 8.5% interest in the Marjoram gas field, which is currently under development, for consideration of $350 million.
The transaction enables TotalEnergies to crystallize the full value of its minority interest in a non-operated gas project. The company said the divestment will allow it to focus on its operated portfolio and strategic growth opportunities in Malaysia.
TotalEnergies has been present in Malaysia since 1985 and has maintained a long-standing partnership with PETRONAS. After acquiring SapuraOMV Upstream, TotalEnergies became Malaysia’s third-largest gas producer.
The company employs about 300 people in Malaysia and holds operated and non-operated interests in 17 offshore blocks off Sarawak and Sabah. TotalEnergies also markets petroleum products in the country through TotalEnergies Marketing Malaysia.
The divestment follows other recent activity by TotalEnergies in Malaysia and Southeast Asia. In 2023, the company signed an agreement with PETRONAS and Mitsui to develop a CO₂ storage project in Southeast Asia and assess potential sites in the Malay Basin.
TotalEnergies and Masdar also announced the creation of a $2.2 billion joint venture in April 2026. That partnership is focused on accelerating renewable energy growth in Asia, including Malaysia.
TotalEnergies is a global integrated energy company operating across oil, biofuels, natural gas, biogas, low-carbon hydrogen, renewables, and electricity. The company is active in about 120 countries and has more than 100,000 employees.
KEY QUOTE:
“This agreement is fully aligned with our strategy of actively managing our portfolio and prioritizing material positions to support our ambition to develop low-cost, low-emission projects. With 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.”
Nicolas Terraz, President Exploration & Production at TotalEnergies
