Malaysian player adds new country to portfolio with formal takeover of TotalEnergies’ Brunei operations

Malaysia’s independent oil and gas exploration and production (E&P) company Hibiscus Petroleum has wrapped up the acquisition of TotalEnergies EP (Brunei) B.V., the Brunei affiliate of France’s energy giant TotalEnergies.

The Malaysian firm officially acquired the entire equity interest in TotalEnergies’ Brunei business, which holds a 37.5% operated interest in the Maharaja Lela/Jamalulalam (MLJ) field located in Block B, 85 kilometers offshore Brunei. Based on 2024 figures, Hibiscus expects the new asset to boost its 2P reserves and net production by around 36%.

This represents the culmination of the process set in motion in June when it was announced that the $259 million transaction is expected to close in the fourth quarter of 2024.

Hibiscus believes the acquisition will solidify its position as an independent E&P player in the ASEAN region, providing a better balance to its asset portfolio as the world transitions to a lower carbon energy mix, while the global demand for natural gas rises.

Earlier this month, the French energy giant earmarked $80–$90 billion over the next five years to balance the transition to low-carbon and green sources of supply and fortify energy security, with $25 billion of the total planned investment from 2025 to 2030 to be spent on low-carbon energies.