KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) and TotalEnergies SE have signed a strategic cooperation agreement (SCA) and two farm-out agreements (FOAs) to expand their upstream collaboration in Malaysia.
The two companies are also advancing their international partnership under the Bobara Production Sharing Contract (PSC) in Indonesia.
In a statement today, it said the SCA outlined the potential opportunities both internationally and domestically in strategic areas that cover exploration and production, gas and liquefied natural gas (LNG), carbon footprint reduction and cooperation.
“For Malaysia, Petronas, through its unit, Petronas Carigali Sdn Bhd, and TotalEnergies EP Malaysia will jointly explore several offshore exploration blocks across the country’s most prospective hydrocarbon basins.
“Meanwhile, in Indonesia, the group’s unit, Petronas Energy Bobara Sdn Bhd and TotalEnergies have successfully finalised the terms of an FOA for the Bobara PSC to unlock a new hydrocarbon resource in Bobara, a frontier ultra-deepwater block located in the Eastern Indonesia region,“ it said.
The signing ceremony was attended by senior leadership from both organisations, including Petronas president and group chief executive officer (CEO) Tan Sri Tengku Muhammad Taufik Tengku Aziz and its executive vice president and upstream CEO Mohd Jukris Abdul Wahab.
TotalEnergies was represented by its chairman and CEO Patrick Pouyanné, and its exploration and production president Nicolas Terraz.
Tengku Muhammad Taufik said the signing ceremony marked another significant step forward in the parties’ shared commitment to responsible growth and long-term value creation.
“Together, we will pursue and develop advantaged barrels across Malaysia’s and Indonesia’s frontier exploration blocks.
“Our focus is on maximising high commercial potential while delivering sustainable value for all stakeholders,“ he said.
Meanwhile, Pouyanné said the strategic collaboration with Petronas, which extends well beyond Malaysia through their multiple joint ventures worldwide, enables the parties to access a large and diverse portfolio in the country, spanning from exploration to production.
