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TotalEnergies SE (NYSE: TTE) announced Monday that it signed agreements to acquire a 30% operated interest in two major offshore gas fields in Malaysia. The move strengthens its natural gas business in Asia as regional demand for liquefied natural gas (LNG) grows.
The agreements cover the Lang Lebah and B14 gas fields off the coast of Sarawak. TotalEnergies will acquire the interests through agreements with PETRONAS Carigali Sdn Bhd, PTTEP and KUFPEC.
Lang Lebah, one of Malaysia's largest offshore gas discoveries, and the nearby B14 field will form an integrated development. Together, the fields are expected to unlock more than 6.5 trillion cubic feet of gas resources, equivalent to over 1 billion barrels of oil.
The project aims to supply the existing Malaysia LNG processing facility, with annual production expected to reach approximately 10 billion cubic meters at peak capacity.
Following regulatory approvals and completion, TotalEnergies will operate both fields with a 30% stake. PTTEP and KUFPEC will each hold 25%, while PETRONAS Carigali will retain 20%.
CEO Patrick Pouyanné said the integrated development would create another major gas hub in Malaysia. By sharing infrastructure, the project could support LNG supplies to meet growing Asian demand.
The investment also builds on TotalEnergies' acquisition of SapuraOMV in 2024 and its expanded partnership with PETRONAS in 2025.
Separately, TotalEnergies announced Sunday that it was strengthening cooperation with national energy companies in Malaysia, Angola and India to reduce methane emissions. The initiatives support the Oil and Gas Decarbonization Charter's goal of achieving near-zero upstream methane emissions by 2030.
In Malaysia, TotalEnergies signed a collaboration agreement with PETRONAS, Japan's JOGMEC and JGC Corporation to help develop the Southeast Asia Methane Emissions Technology Evaluation Center. The Malaysia-based facility will evaluate methane detection and monitoring technologies. TotalEnergies will contribute expertise from its TADI research center in France.
Meanwhile, the company signed a memorandum of understanding with Angola's SONANGOL to improve methane monitoring, reduce gas flaring and advance energy efficiency.
In India, TotalEnergies and Oil India Ltd. will conduct a second methane detection campaign using the company's drone-mounted AUSEA technology. The expansion follows an initial monthlong campaign covering more than 20 Oil India-operated sites in Assam.
Pouyanné said the partnerships would help companies share technology and expertise to accelerate methane emissions reductions.
TotalEnergies has operated in Malaysia since 1985 and became the country's third-largest gas producer following its SapuraOMV acquisition. The company also expanded its regional clean energy investments in April 2026, announcing a $2.2 billion renewable energy joint venture with Masdar.
Together, the offshore gas investment and methane reduction initiatives highlight TotalEnergies' efforts to expand energy production while improving emissions management across its operations.
Last week, TotalEnergies reported better-than-expected third-quarter earnings, driven by stronger refining margins and higher natural gas prices. Adjusted earnings of $4.03 per share beat the $3.92 estimate, while revenue of $66.82 billion missed expectations of $79.19 billion. Adjusted net income reached $9.1 billion, while cash flow totaled $12.3 billion, with both rising sharply from the previous quarter.
TTE Price Action: TotalEnergies shares were down 0.71% at $94.65 during premarket trading on Monday. The stock is trading at a new 52-week high, according to market data.
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