French oil and gas major TotalEnergies has sold its 85% interest in Block 2E offshore Malaysia to Japanese firm Inpex for $350 million, according to Splash247 Maritime. The transaction represents a net interest of 8.5% in the Marjoram gas field, which is currently under development in deepwater Malaysia and operated by Shell. The deal allows TotalEnergies to realize the full value of its minority stake in a non-operated gas project, enabling the company to focus on its operated portfolio and strategic growth opportunities in Malaysia.
Transaction Details
The sale of the 85% working interest in Block 2E to Inpex was announced by TotalEnergies on July 3, 2026, as reported by Splash247. The block contains the Marjoram gas field, a deepwater conventional gas development. TotalEnergies' net interest in the field is 8.5%, reflecting its 85% share of a 10% overall interest in the block (the remaining 15% is held by other parties, though not specified in the source). The transaction closed for a cash consideration of $350 million.
| Key Transaction Details | Value |
|---|---|
| Seller | TotalEnergies |
| Buyer | Inpex |
| Asset | 85% stake in Block 2E (net 8.5% of Marjoram field) |
| Sale Price | $350 million |
| Operator of Marjoram field | Shell |
| Expected First Production | 2026 |
Strategic Rationale
Nicolas Terraz, president of exploration and production at TotalEnergies, commented: “This agreement is fully aligned with our strategy of actively managing our portfolio and prioritising material positions to support our ambition to develop low-cost, low-emission projects. With the Jerun field now on stream and a large portfolio of opportunities, Malaysia is a strategic platform for TotalEnergies’ low-cost, low-emission growth strategy, serving both the country and the wider Southeast Asia region.” The sale underscores TotalEnergies' shift toward operated assets that offer greater control and alignment with its decarbonization goals.
Marjoram Gas Field Development
The Marjoram field is part of the wider Marjoram-Rosmari conventional gas development in deepwater Malaysia. The final investment decision (FID) for the project was approved in 2022, and the development cost is expected to exceed $10 billion. Infrastructure includes a fixed platform, subsea tree, and wellhead platforms. Commercial production is scheduled to commence in 2026, according to Splash247. Shell operates the field, and Inpex now holds the stake previously owned by TotalEnergies.
Implications for Southeast Asia Energy
Malaysia remains a key focus for TotalEnergies, which continues to operate other assets in the country, including the newly on-stream Jerun field. By divesting the non-operated Marjoram interest, TotalEnergies frees up capital for its operated projects, which are designed to be low-cost and low-emission. For commodity traders and energy analysts, the deal highlights the ongoing portfolio optimization among major oil and gas companies, with a clear trend toward concentrating on operated, high-value assets in strategic regions like Southeast Asia. The entry of Inpex as a stakeholder in Marjoram also underscores Japanese interest in Malaysian gas supply for energy security.
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