Malaysia & Indonesia M&A - TotalEnergies acquire interests from PETRONAS Carigali

(Originally posted on June 16, 2025)

Earlier today, TotalEnergies announced a number of agreements with PETRONAS Carigali that will see the two companies continue to grow their partnership in Malaysia and across the region. Included in the deals are:

• Malaysia farm-in agreements: two agreements have been signed that will see TotalEnergies take a 50% operated stake in the SK-301B and SK-313 PSCs from PETRONAS Carigali, who previously held 100% interest in both the blocks.
• Malaysia strategic cooperation agreement (SCA): covers cooperation in a number of areas including exploration and production, gas and liquefied natural gas (LNG), carbon footprint reduction and cooperation. No specific asset have been mentioned in the press releases to-date.
• Indonesia farm-in agreement: an agreement has been signed that will see TotalEnergies take a 24.5% non-operated stake in the Bobara PSC in West Papua from PETRONAS Carigali, who previously held 100% interest in the block.

No value for these deals have been mentioned in any of the press releases. Completion will be dependent on the normal approvals.