Deal Insight
TotalEnergies exits Brunei, Hibiscus buys Block B
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Report summary
Hibiscus is making a debut in Brunei by acquiring TotalEnergies' 37.5% stake in Block B, for $259.4 million. This move aligns with Hibiscus' strategy of acquiring mature oil and gas assets to boost production and cut costs. Block B has been producing gas since 1999 and includes several significant discoveries. TotalEnergies is divesting to focus on larger growth opportunities, such as its recent acquisition of SapuraOMV's assets in Malaysia. The transaction is set to close in Q4 2024, pending regulatory approval.
Table of contents
- Hibiscus Petroleum
- TotalEnergies
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