TotalEnergies Divests Marjoram Gas Field Minority Stake in Malaysia to INPEX for $350 Million

TotalEnergies SE has sold its minority non-operated interest in the Marjoram gas field in Malaysia to INPEX Corporation for $350 million. World Oil reported the transaction on July 2, 2026, citing TotalEnergies' intent to concentrate resources on operated, lower-cost gas developments in Southeast Asia. INPEX, in a simultaneous press release, confirmed it acquired interests in Block 2E off the coast of Sarawak, Malaysia. Both announcements were issued July 2, 2026, and the field locations align within Malaysia's Sarawak offshore producing region.

TotalEnergies Focuses Capital on Operated Gas Assets

TotalEnergies has been divesting minority, non-operated upstream positions across its global portfolio to redirect capital toward assets it controls. In describing the Marjoram transaction, TotalEnergies stated its strategy is to focus on "operated, low-cost gas developments in Southeast Asia," per World Oil's reporting. The French major holds operated LNG positions in Qatar, Papua New Guinea, and participates in Canada's LNG Canada project at Kitimat, British Columbia. Concentrating on operated assets gives TotalEnergies direct control over cost management, production scheduling, and offtake arrangements. Non-operated minority positions provide commodity exposure but limit the company's ability to optimize project returns.

INPEX Adds Sarawak Gas as Japan Pursues Energy Security

INPEX Corporation is Japan's largest oil and gas exploration and production company, with Japan's Ministry of Economy, Trade and Industry holding a direct equity stake reflecting the company's strategic role in national energy supply. The Block 2E acquisition expands INPEX's Sarawak portfolio in Malaysia's most prolific gas-producing province. Japan imports nearly all of its petroleum and natural gas, making long-dated upstream equity a key priority for maintaining supply security. INPEX already operates the Ichthys LNG project in Darwin, Australia, one of Asia-Pacific's largest LNG facilities. Adding Sarawak gas acreage diversifies INPEX's feed gas base ahead of future LNG supply contracting cycles.

Majors Trimming Non-Operated Offshore Exposure in 2026

The Marjoram divestiture is part of a broader pattern of major oil companies exiting minority, non-operated offshore positions in 2026. Shell divested its Coulomb Field and Na Kika deepwater interests in the Gulf of America for $1.7 billion, a transaction covered by Oil Authority earlier this year. Both Shell and TotalEnergies applied the same portfolio logic: monetize non-core minority positions to fund larger, operated projects with stronger capital returns. The TotalEnergies-INPEX deal at $350 million is smaller in absolute terms than Shell's Gulf divestiture but follows the same strategic rationale. This wave of non-operator exits has created acquisition opportunities for government-backed buyers seeking long-lived gas exposure.

Sarawak Gas and the Malaysia LNG Export Chain

Sarawak is Malaysia's primary natural gas producing province, with much of its output destined for liquefaction at Malaysia LNG in Bintulu, one of the world's largest LNG export complexes. Shell has projected global LNG demand growing 65% by 2050, per OilPrice.com, underscoring the long-term value of established Asian gas supply positions. INPEX's Block 2E interest provides upstream gas acreage with a clear pathway to regional LNG or domestic power markets. At $350 million for a minority non-operated interest, the deal reflects sustained buyer appetite for upstream gas exposure in Southeast Asia's producing basins. Sarawak-origin LNG reaches Northeast Asian buyers within a shorter shipping window than Atlantic Basin cargoes, a geographic advantage in a tightening LNG supply environment.