TotalEnergies Sells 8.5% Marjoram Gas Stake to Inpex for $350 Million in Malaysia Portfolio Reset

TotalEnergies sold its 8.5% minority non-operated interest in the Marjoram gas field, located in Block 2E offshore Sarawak and Sabah, Malaysia, to Japan's INPEX Corporation for $350 million. The transaction became effective July 2, 2026. It represents the latest step in TotalEnergies' strategy of exiting non-operated minority stakes and concentrating capital on positions it operates directly.

Nicolas Terraz, TotalEnergies' President of Exploration and Production, said the deal is "fully aligned with our strategy of actively managing our portfolio and prioritizing material positions." The French supermajor's operated anchor in Malaysia is the Jerun gas field, which came on stream in 2025. TotalEnergies characterizes Malaysia as a strategic platform for its low-cost, low-emission growth strategy in Southeast Asia.

A $4.1 Billion Implied Block Valuation

At $350 million for an 8.5% stake, the transaction implies a 100% block valuation for Marjoram of approximately $4.1 billion. No production rate appeared in either the TotalEnergies or INPEX announcements. The Marjoram field sits in Block 2E offshore Sarawak, near the PETRONAS LNG complex at Bintulu, one of the five largest LNG export facilities in the world at 25.45 million tonnes per annum of nameplate capacity.

That geographic proximity is directly relevant to the field's commercial context. Sarawak offshore gas fields have historically fed Bintulu's nine liquefaction trains since MLNG Satu opened in 1983. Japan takes roughly 65% of the Bintulu complex's output, followed by South Korea at 26%, making Marjoram's gas commercially relevant to the same buyer pool INPEX serves through its Ichthys LNG project in Australia.

INPEX's Japan Energy Security Rationale

INPEX is Japan's largest upstream oil and gas company, listed on the Tokyo Stock Exchange. JOGMEC, the Japan Oil, Gas and Metals National Corporation, holds approximately 19% of INPEX's shares, giving the Japanese government direct exposure to INPEX's reserve base. That government ownership reflects INPEX's explicit role in Japan's energy security architecture, a mission that sharpened following Hormuz supply disruptions earlier in 2026.

The two companies have an existing commercial relationship. INPEX operates the Ichthys LNG project in the Timor Sea off Western Australia, where TotalEnergies holds a minority interest alongside Osaka Gas, JERA, Toho Gas, Kansai Electric Power, and CPC Corporation. Ichthys carries a nameplate capacity of 8.9 million tonnes per annum and proved reserves of 366 billion cubic meters. INPEX adding Marjoram exposure deepens its Southeast Asian gas footprint through a partner it already knows.

Brent crude settled at $72.10 per barrel on Friday, July 3, per TradingEconomics, down more than 24% over the prior 30 days. Saudi Arabia's crude exports have recovered to about 90% of pre-conflict levels as Hormuz flows resumed. With oil prices off their conflict highs, non-operated minority stakes in development-stage fields carry reduced short-term uplift, reinforcing TotalEnergies' timing for exiting the position.

Japan's Coal Switch Creates a Supply Positioning Window

As reported by Oil Authority, Japan's nine largest power utilities cut gas-fired generation by 16% in June 2026 compared to a year earlier, with JKM spot LNG averaging $17.33 per MMBtu that month and pushing buyers toward cheaper coal. INPEX's Marjoram acquisition adds to its Southeast Asian gas exposure at a time when Asian demand for seaborne LNG has softened. Japanese utilities have historically resumed gas purchasing as seasonal power demand rises and coal supply tightens.

The Marjoram transaction also fits INPEX's post-Hormuz diversification push. Sarawak gas, piped or liquefied locally, does not transit the Strait of Hormuz. For Japanese gas buyers, that routing security carries a strategic premium that intensified following the 2026 Middle East supply disruptions.