Total Gabon divests its portfolio of mature non-operated assets

47504222982 d945c730bc cSupermajor Total has announced that its 58 per cent owned affiliate Total Gabon has signed an agreement with Perenco to divest its interests in seven mature non-operated offshore fields, along with its interests and operatorship in the Cap Lopez oil terminal

The transaction remains subject to approval by the Gabonese authorities. The price to be paid by Perenco will be between US$290mn and US$350mn, depending on future Brent prices.

The production divested by Total Gabon amounted to approximately 8,000 SEC barrels of oil per day in 2019.

“This transaction demonstrates our ability to high-grade Total E&P’s portfolio by monetising mature fields with high breakeven point,” commented Arnaud Breuillac, president exploration and production at Total.

“We remain fully committed to Gabon through our operated production clusters at Anguille-Mandji and Torpille-Baudroie-Mérou, where we continue to maximise value for all stakeholders,” he dded.

Total has been operating in Gabon for more than 90 years and is a major player in the country’s upstream and downstream businesses. In 2019, Total Gabon’s SEC production came to around 33,000 barrels of oil equivalent per day.

Total is a broad energy company that produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.

Alain Charles Publishing, University House, 11-13 Lower Grosvenor Place, London, SW1W 0EX, UK
T: +44 20 7834 7676, F: +44 20 7973 0076, W: www.alaincharles.com

twn Are you sure that you want to switch to desktop version?