TotalEnergies has announced the sale of its 8.5% net interest in the Marjoram gas field, located in Block 2E offshore Malaysia, to Inpex for $350m (€305.68m).
The French energy company’s share in the field represents an 85% stake in Block 2E, which is a minority, non-operated position in the gas project currently under development.
Petronas Carigali holds the remaining 15% stake in Block 2E.
The Marjoram gas field is a deepwater sour gas discovery made in 2014. It is being co-developed with the neighboring Rosmari field as part of a single integrated initiative known as the Rosmari-Marjoram Project.
Shell is the operator of the Rosmari–Marjoram development.
For Inpex, the acquisition is expected to expand its business portfolio in Malaysia and strengthen the company’s business foundation in the country. It also aligns with Inpex Vision 2035, announced in February 2025, which outlines efforts to grow its natural gas/liquefied natural gas business.
The transaction allows TotalEnergies to realise the full value of its interest in the non-operated asset.
According to the company, the move also aligns with its strategy to prioritise operated assets and focus on growth opportunities in Malaysia.
TotalEnergies exploration and production president Nicolas Terraz said: “This agreement is fully aligned with our strategy of actively managing our portfolio and prioritising 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 South East Asia region.”
TotalEnergies has had operations in Malaysia since 1985 and maintains a partnership with the country’s national oil company, Petronas.
The acquisition of SapuraOMV Upstream has made TotalEnergies the third-largest gas producer in Malaysia.
The group employs approximately 300 people in the country and holds both operated and non-operated stakes in 17 offshore blocks off Sarawak and Sabah.
The company, through its subsidiary TotalEnergies Marketing Malaysia, is also active in marketing petroleum products.
In 2023, TotalEnergies signed an agreement with Petronas and Mitsui to develop a carbon dioxide storage project in South East Asia and assess sites in the Malay Basin.
Last month, TotalEnergies entered the Bab Gas Cap concession in Abu Dhabi, United Arab Emirates, with a 10% interest, joining a consortium led by ADNOC, which holds a 60% stake.
