Sapura Energy Berhad has divested its 50% stake in SapuraOMV Upstream Sdn Bhd to TotalEnergies as part of its strategic Reset plan to streamline operations and reduce debt.

Target Information

SapuraOMV Upstream Sdn Bhd, a subsidiary of Sapura Energy Berhad, specializes in upstream oil and gas exploration and production. As part of its operational portfolio, it holds a 40 percent operated interest in block SK408 and a 30 percent operated interest in block SK310, both located offshore Sarawak, Malaysia. Notably, the Jerun gas field within block SK408 successfully commenced gas production ahead of schedule on July 1, 2024, achieving this milestone with a commendable 12.8 million safe man-hours. Additionally, SapuraOMV is actively pursuing exploration opportunities in regions including Malaysia, Australia, New Zealand, and Mexico.

Industry Overview in Malaysia

The oil and gas sector is a pivotal component of Malaysia's economy, contributing significantly to the country's GDP and government revenue. Malaysia is recognized for its diverse hydrocarbon resources, and its strategic position in Southeast Asia allows it to serve as a vital player in the global energy market. The government's initiatives aimed at enhancing exploration and production include incentives for foreign investment, which have fostered growth within the industry.

In recent years, Malaysia has seen increased interest from international oil companies (IOCs) seeking to collaborate in its upstream sector. The relatively stable political climate and the government's commitment to maintaining