TotalEnergies SE (NYSE:TTE) stock rose nearly 1% in Thursday's premarket trading after the energy company announced the sale of a minority stake in a Malaysian gas project as it continues to streamline its upstream portfolio.
Malaysia Asset Sale Supports Portfolio Strategy TotalEnergies said it will sell an 85% interest in Block 2E offshore Malaysia to INPEX, representing an 8.5% net interest in the Marjoram gas field under development, for $350 million.
The company said the transaction "crystallizes" the value of a minority, non-operated asset while allowing it to focus on operated projects and other growth opportunities in Malaysia.
Management also highlighted the recent startup of the Jerun gas field and reaffirmed Malaysia's role as a strategic hub for "low-cost, low-emission" growth across Southeast Asia.
The announcement follows last week's acquisition of a 10% interest in the Bab Gas Cap Concession in Abu Dhabi.
