UPDATE 1-Malaysia's Hibiscus Petroleum to buy TotalEnergies Brunei for $259 mln

(Adds details on deal and official's comments in paragraphs 4-5) June 14 (Reuters) - Hibiscus Petroleum HIBI.KL will acquire the Brunei unit of French oil and gas major TotalEnergies TTEF.PA for $259.4 million, the Malaysian oil and gas explorer said on Friday, marking its entry into the energy-rich region. The deal, if agreed upon by Hibiscus Petroleum shareholders, will give the Malaysian energy firm rights to TotalEnergies Brunei's 37.5% interest in the Maharajalela Jamalulalam (MLJ) field, an offshore gas asset. The asset is likely to add nearly 7,900 barrels of oil (boe) per day of gas and condensate to the group's total production in 2024, Hibiscus Petroleum said. "The additional volumes from this transaction are material for Hibiscus Petroleum and will provide an uplift of nearly 86% to our gas production," Hibiscus Petroleum Managing Director Kenneth Pereira said in a statement. "While bringing us closer towards achieving our 2026 mission of growing the Group's net production to 35,000 boe - 50,000 boe per day." The deal is not earnings-accretive for the financial year ending June 2024, Hibiscus said, adding it is likely to reap in profits in the future. The MLJ field, located in Brunei Block B, was discovered in February 1990 and has been producing gas and condensate since 1999. The asset has production rights of up to 15 years until 2039. (Reporting by Prerna Bedi in Bengaluru; Editing by Sherry Jacob-Phillips) (([email protected]; +91 98052 24616;))