TotalEnergies (NYSE: TTE) has agreed to sell its 85% interest in Block 2E offshore Malaysia to Inpex for $350 million, according to a company press release. The stake represents a net 8.5% interest in the Marjoram gas field, which is currently under development.

The transaction transfers TotalEnergies' minority, non-operated position in the project to the Japanese energy company.

Nicolas Terraz, President of Exploration & Production at TotalEnergies, said the deal is "fully aligned with our strategy of actively managing our portfolio and prioritizing material positions to support our ambition to develop low-cost, low-emission projects."

TotalEnergies has operated in Malaysia since 1985 and holds interests in 17 offshore blocks off the coasts of Sarawak and Sabah. The company employs around 300 people in the country and describes Malaysia as a strategic market following its acquisition of SapuraOMV Upstream, which made it the country's third-largest gas producer.