TotalEnergies Targets 30% Stake in Two Malaysian Gas Fields, Subject to Approval
The agreements signed with PCSB, PTTEP and KUFPEC, still subject to regulatory approval, would place TotalEnergies at the head of the shareholder structure of a project intended to supply an already operating liquefaction plant. The deal extends the group's expansion in Malaysian gas, launched in 2024 with the takeover of SapuraOMV.
30% of Lang Lebah and B14, Subject to Regulatory Approval
On November 2, 2026, TotalEnergies signed agreements with Petronas Carigali Sdn Bhd (PCSB), PTTEP and KUFPEC with a view to acquiring a 30% interest in the Lang Lebah and B14 gas fields. Both fields are located offshore, off the Malaysian state of Sarawak.
The transaction has not yet been completed: the deals are subject to approval by the regulator. Upon completion, the group will hold an operated 30% interest in each of the two fields, alongside PTTEP (25%), KUFPEC (25%) and PCSB (20%).
With this allocation, TotalEnergies would become the largest shareholder in both fields, without holding a majority stake. The press release presents Lang Lebah as one of the most significant gas discoveries made offshore Malaysia, and B14 as a nearby field.
The two fields are to be developed together, as part of an integrated project. According to the group, this combined development will enable the monetization of gas resources exceeding 6.5 Tcf (trillion cubic feet), equivalent to more than 1 billion barrels of oil equivalent.
The extracted gas is intended for the existing Malaysia LNG liquefaction plant. The project anticipates a production plateau of approximately 10 billion cubic meters per year, making it a supply source for export infrastructure already in place rather than a project requiring a new plant.
A Project Part of the Gas Expansion Launched with SapuraOMV
Patrick Pouyanné, Chairman and Chief Executive Officer of TotalEnergies, described the project as the creation of “a new large-scale gas hub in Malaysia, leveraging shared infrastructure, to supply Malaysia LNG and thus meet the growing demand for LNG in Asia”.
The executive placed these agreements within a strategy aimed at “strengthening our integrated gas position in Malaysia”. He presented them as a new step following the acquisition of SapuraOMV in 2024 and the strengthening of the long-standing partnership with Petronas in 2025.
The first of these operations has already changed the group's weight in the country. According to the press release, the takeover of SapuraOMV's upstream assets has made TotalEnergies the third-largest gas operator in Malaysia.
The group currently holds interests, operated or non-operated, in 17 blocks located offshore the states of Sarawak and Sabah. As Lang Lebah and B14 are located offshore Sarawak, the transaction would strengthen its presence in an area where it is already established.
The chosen approach relies on pooling resources: two neighboring fields developed jointly, shared infrastructure and an existing outlet with Malaysia LNG. It is this combination that the Chairman and CEO highlights to justify the project.
A Presence in Malaysia Since 1985, Beyond Gas Production
Present in Malaysia since 1985, TotalEnergies also markets petroleum products there through its subsidiary TotalEnergies Marketing Malaysia. In April 2026, the group and Masdar announced the creation of a joint venture valued at $2.2 billion, dedicated to renewable energies in Asia, including Malaysia.
In 2023, TotalEnergies signed an agreement with Petronas and Mitsui concerning the development of a CO2 storage project in Southeast Asia and the assessment of several possible sites in the Malay Basin.
The Malaysian announcement follows several portfolio moves at the end of October. On October 27, 2026, the group finalized the sale to Vaaris of its 10% interest in the Renaissance joint venture licenses in Nigeria, for $800 million.
On October 30, 2026, it concluded an agreement transferring 40% of the OPL257 block in Nigeria to Sapetro, while remaining operator. The group also acquired a 25% interest in 26 exploration permits operated by Chevron offshore the United States.
