OMV to Sell Stake in Malaysian JV to TotalEnergies for $903 Million — Update
By Pierre Bertrand
OMV said it has reached an agreement with TotalEnergies for the sale of its 50% stake in its Malaysian joint venture for $903 million.
The deal includes the repayment of an outstanding $350 million loan granted by OMV to the joint venture, the Austrian oil-and-gas company said Wednesday.
SapuraOMV, headquartered in Kuala Lumpur, is a 50-50 joint venture between OMV and Sapura Energy.
The joint-venture's assets include a 40% operating interest in block SK408 and a 30% operating interest in block SK310, both of which are offshore of Sarawak, on the island of Borneo, TotalEnergies said separately.
The French oil-and-gas major said that development of the Jerun gas field in block SK408 is progressing toward a start-up in the second half of the year.
It added that SapuraOMV's operated production came to about 500,000 cubic feet a day of natural gas in 2023.
The closing of the transaction for the stake in SapuraOMV is expected around the end of the second quarter, OMV said.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
January 31, 2024 09:54 ET (14:54 GMT)
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