KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) and its partners have agreed to harmonise their equity holdings and operations across two major gas discoveries offshore Sarawak, transferring operatorship of both assets to France’s TotalEnergies.
Under a series of farm-out agreements (FOAs) signed on Sunday in Abu Dhabi, wholly owned subsidiary Petronas Carigali Sdn Bhd, TotalEnergies, Thailand’s PTTEP, and Kuwait Foreign Petroleum Exploration Company (Kufpec) will align their equity structures across the SK410B Lang Lebah and B14 production sharing contracts (PSCs).
Once regulatory approvals are secured, the joint venture structure across both PSCs will see TotalEnergies hold a 30% operating stake, while PTTEP and Kufpec will each retain 25%, and Petronas Carigali will hold the remaining 20%.
The consolidation paves the way for a unified development plan across both adjacent fields, allowing the partners to share infrastructure, streamline facility planning, and reduce capital expenditure.
Lang Lebah, located in the deepwater SK410B block, is widely regarded as one of Malaysia’s largest offshore gas discoveries in recent decades, while the adjacent B14 block holds complementary sour gas resources. Aligning operatorship under TotalEnergies resolves overlapping field architectures and execution timelines as the partners move both assets toward commercial monetisation.
The transactions remain subject to standard statutory and regulatory approvals from industry regulators.