TotalEnergies, a global energy supplier company based in France, has stated its commitment to increasing its investment in Malaysia’s upstream oil and gas (O&G) sector, said Prime Minister Datuk Seri Anwar Ibrahim.

In a post on X today, he said TotalEnergies also plans to continue exploring opportunities in the carbon storage field in Malaysia.

Earlier, Anwar met with TotalEnergies chief executive officer and chairman Patrick Pouyanne on the sidelines of the World Economic Forum (WEF) Special Meeting in Riyadh, Saudi Arabia.

The Prime Minister arrived in Riyadh on Saturday for a three-day working visit during which he will take part in the three-day WEF special meeting.

“TotalEnergies was established in 1984 in Malaysia and has investments in various sectors in the country including renewable energy, electricity, oil and carbon storage.

“Hopefully, this investment can be realised as soon as possible and trigger an overflow of prosperity for Malaysians, especially in creating more job opportunities and knowledge sharing,” said Anwar, who is also the Finance Minister.

Recently, TotalEnergies signed an agreement with Sapura Upstream Assets Sdn Bhd (SUA) to acquire its 50 per cent interest in Malaysian independent gas producer and operator SapuraOMV Upstream Sdn (SapuraOMV) for US$530 million (US$1=RM4.77), subject to closing adjustments.

SapuraOMV’s main assets are its 40 per cent operated interest in block SK408 and 30 per cent operated interest in block SK310, both located offshore Sarawak, Malaysia.

SapuraOMV also holds interests in exploration licences in Malaysia, Australia, New Zealand and Mexico, where a discovery was made in 2023 on block 30.

TotalEnergies owns interests in two production sharing contracts (PSCs) in the exploration phase and in June 2023 signed an agreement with Petronas and Mitsui to develop a carbon storage project in Southeast Asia and evaluate several CO2 storage sites in the Malay Basin.