TotalEnergies Takes 30% Operated Stake in Malaysia's Lang Lebah and B14

TotalEnergies will acquire a 30% operated interest in two Sarawak offshore gas fields holding a combined 6.5 trillion cubic feet of recoverable resource. The French major signed farm-out agreements on 1 November 2026 in Abu Dhabi, alongside the ADIPEC 2026 exhibition, covering the Lang Lebah and B14 fields off Sarawak, Malaysia.

The counterparties are Petronas Carigali, Thailand's PTTEP and Kuwait's KUFPEC. Completion remains contingent on regulatory approvals. No transaction value was disclosed.

What does the deal unlock?

Lang Lebah ranks among Malaysia's largest offshore gas discoveries. The neighbouring B14 field sits under a separate contract, the B14 production sharing contract (PSC, the agreement under which a company explores and produces on behalf of the state). Lang Lebah falls under the SK410B PSC.

The two assets will be developed as a single integrated project. The combined development is expected to unlock more than 6.5 trillion cubic feet of gas resources, equivalent to over one billion barrels of oil equivalent. At plateau, the project is projected to deliver around ten billion cubic metres per annum to the existing Malaysia LNG liquefaction plant.

Consolidating operatorship under a single partner across both contracts is designed to improve coordination on infrastructure, facilities and resource monetisation, while enhancing long-term project efficiency.

Who holds what after closing?

Once the transactions close, the partnership will line up as follows:

• TotalEnergies: operator, 30%
• PTTEP: 25%
• KUFPEC: 25%
• Petronas Carigali: 20%

What did Pouyanné say?

TotalEnergies chairman and CEO Patrick Pouyanné framed the deal as part of a broader Malaysian gas build-out. He said: "The development of Lang Lebah and B14 resources will allow the creation of another large-scale gas hub in Malaysia, leveraging shared infrastructure, to supply gas to Malaysia LNG and meet the growing LNG demand in Asia."

Pouyanné added: "These agreements mark another important step in our strategy to strengthen our integrated gas position in Malaysia, following the acquisition of SapuraOMV in 2024 and the expansion of our long-standing partnership with Petronas in 2025."

TotalEnergies has operated in Malaysia since 1985. It became the country's third-largest gas producer following its acquisition of SapuraOMV Upstream, and holds operated and non-operated interests across multiple offshore blocks off Sarawak and Sabah.

How does the deal fit the quarter's numbers?

The Malaysia entry adds resource to a company reporting sharp earnings growth. Last week, TotalEnergies reported third-quarter 2026 net income of $8.3 billion, more than double the $3.7 billion recorded a year earlier — a 124% year-on-year rise.

The company attributed the increase to record European refining margins, elevated gas prices and continued production growth. The gain was partly offset by the impact of the Middle East conflict on output.

What else moved in the portfolio?

Separately, TotalEnergies signed a farm-out agreement to sell a 40% participating interest in offshore block OPL257 in Nigeria to South Atlantic Petroleum (SAPETRO). The sale supports fast-track development of the asset. Post-transaction, TotalEnergies will retain a 50% operated interest, with SAPETRO at 40% and Conoil at 10%.

The takeaway: the Lang Lebah-B14 project gives TotalEnergies a second large-scale operated gas hub in Malaysia with a defined route to market through Malaysia LNG. The watch item is regulatory approval of the farm-outs, which gates both operatorship transfer and the integrated development sanction.