Petronas, TotalEnergies Sign Strategic Cooperation Pact
(MENAFN) Malaysia's national oil giant, Petroliam Nasional Bhd (Petronas), and France’s TotalEnergies have deepened their longstanding alliance by entering into a strategic cooperation agreement along with two farm-out deals aimed at intensifying upstream operations in Malaysia and strengthening international ties, notably in Indonesia.
Announced in a statement on Monday, Petronas said the strategic agreement opens the door for both companies to collaborate across a wide array of energy-related ventures, including upstream exploration, gas and LNG development, decarbonization initiatives, and broader cooperative efforts, both within Malaysia and abroad.
As part of the Malaysian component of the deal, Petronas—via its fully owned unit Petronas Carigali Sdn Bhd—will join forces with TotalEnergies EP Malaysia to pursue exploration across a selection of high-potential offshore blocks situated in the country's key hydrocarbon-rich areas.
In Indonesia, the companies have achieved a milestone by finalizing the terms of a farm-out agreement (FOA) concerning the Bobara Production Sharing Contract (PSC). This deal involves Petronas Energy Bobara Sdn Bhd, another fully owned arm of Petronas, and TotalEnergies working jointly on unlocking new energy reserves in the Bobara block, an ultra-deepwater frontier area located in Eastern Indonesia.
According to the statement, these moves reflect the duo’s commitment to combining technical expertise and operational strength to tap into underdeveloped offshore resources.
The Bobara PSC is seen as a particularly strategic asset given its geological complexity and untapped potential.
These agreements mark the next chapter in what has been a durable collaboration between Petronas and TotalEnergies, reinforcing their shared ambitions in energy transition and resource development.
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