French oil giant has announced that it has agreed to sell stakes and the transfer of operatorship in various mature assets in Gabon to Perenco.
This deal includes the sale of the Group’s 100 per cent-owned affiliate Total Participations Petrolières Gabon, which holds interests in 10 fields. In addition, Total Gabon (Total 58 per cent) has announced the sale of its interests in five fields and the Rabi-Coucal-Cap Lopez pipeline network. The total value of the transactions is around $350 million and the production divested by Total represents around 13,000 SEC bpd.
The transaction is subject to approval by the authorities.
“In a context of volatile Brent prices where reducing the breakeven of our operations is a top priority, this agreement demonstrates our ability to capture value through the disposal of mature assets while benefiting from the synergies generated by the transfer of operatorship,” said Arnaud Breuillac, President of Total Exploration & Production.
Following completion of the transaction, the Group’s remaining upstream assets in Gabon will be held entirely through Total Gabon.
Breuillac added: “Total remains committed to Gabon and will focus on maximizing value from its principle strategic operated assets.”