LNG

June 14 (LNGJ) - TotalEnergies has agreed to sell its wholly-owned subsidiary in LNG producing nation Brunei to the Hibiscus Petroleum group, a Malaysian independent oil and gas player, for $259 million. The transaction is expected to close in the fourth quarter of 2024. The Sultanate of Brunei on the island of Borneo has been an LNG exporter since 1973 and the shareholders are the Brunei Government, Shell and Japan’s Mitsubishi Corp.

   Present in Brunei since 1986, TotalEnergies operated the Maharaja Lela-Jamalulalam field, located in the offshore Block B. The field’s average production of natural gas and condensate was more than 28,000 barrels of oil equivalent per day in 2009, though only 9,000 boe in 2023, and was delivered to the Brunei LNG export plant.