PETRONAS and TotalEnergies Expand Longstanding Upstream Collaboration

Kuala Lumpur, 16 June 2025 – PETRONAS and TotalEnergies have signed a Strategic Cooperation Agreement (SCA) and two Farm Out Agreements (FOAs) to broaden their upstream collaboration in Malaysia, while making progress on their international partnership under the Bobara Production Sharing Contract (PSC) in Indonesia.

The agreements build on the longstanding partnership between the two companies, with the SCA outlining potential opportunities both internationally and domestically in strategic areas that cover exploration and production, gas and liquefied natural gas (LNG), carbon footprint reduction and cooperation.

For Malaysia, PETRONAS, through its wholly-owned subsidiary, PETRONAS Carigali Sdn Bhd, and TotalEnergies EP Malaysia will jointly explore several offshore exploration blocks across the country’s most prospective hydrocarbon basins. This strategic partnership combines PETRONAS' exploration and operational expertise with TotalEnergies' technical capabilities to optimise exploration efficiency and sustainably develop Malaysia's hydrocarbon resources.

Meanwhile, in Indonesia, PETRONAS, through its wholly-owned subsidiary, PETRONAS Energy Bobara Sdn Bhd and TotalEnergies have successfully finalised the terms of an FOA for the Bobara PSC. This collaboration aims to leverage the combined expertise of both companies to unlock a new hydrocarbon resource in Bobara, a frontier ultra-deepwater block located in the Eastern Indonesia region.

Relevant transactions are currently pending regulatory approvals.

The signing ceremony was attended by senior leadership from both organisations, including PETRONAS President and Group Chief Executive Officer, Tan Sri Tengku Muhammad Taufik, PETRONAS Executive Vice President and Chief Executive Officer of Upstream, Mohd Jukris Abdul Wahab, TotalEnergies Chairman and Chief Executive Officer, Patrick Pouyanné, and TotalEnergies President of Exploration & Production, Nicolas Terraz.

Tan Sri Tengku Taufik said, “For a long time, PETRONAS and TotalEnergies have demonstrated how complementary strengths can unlock new opportunities. Today’s signing marks another significant step forward in our shared commitment to responsible growth and long-term value creation. Together, we will pursue and develop advantaged barrels across Malaysia’s and Indonesia’s frontier exploration blocks. Our focus is on maximising high commercial potential while delivering sustainable value for all stakeholders.”

Patrick Pouyanné said, “TotalEnergies has established itself as a significant gas producer in Malaysia. We are pleased to further expand our presence in the country, which we see as a strategic platform for our future low-cost, low-carbon production and cash-flow growth, underpinned by the exposure to Asian LNG market. TotalEnergies and PETRONAS’ strategic collaboration, which extends well beyond Malaysia through our multiple joint ventures worldwide, enables us to access a large and diverse portfolio in the country, spanning from exploration to production.”

The collaboration advances PETRONAS’ growth strategy of partnering with purpose to create sustainable value for its shareholders while delivering reliable energy.