TotalEnergies Sells Brunei Subsidiary to Hibiscus Petroleum for $259 Million

Deal aligns with TotalEnergies' strategy to divest mature assets and focus on high-potential regions, while boosting Hibiscus Petroleum's production capacity.

• TotalEnergies' Brunei unit holds a 37.5% stake in the offshore Maharaja Lela/Jamalulam field.
• The transaction is expected to close in the fourth quarter of 2024, pending necessary approvals.
• Hibiscus Petroleum aims to increase its gas production by nearly 86% with this acquisition.
• TotalEnergies continues to reallocate resources to promising areas like Namibia.
• The deal is part of TotalEnergies' broader effort to achieve net-zero carbon emissions by 2050.

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