Total has signed an agreement to sell stakes and transfer operatorship in various mature assets in Gabon to Perenco for about $350m, in a bid to optimize its operations.

Under the terms of the deal, Total will sell 100%-owned affiliate Total Participations Petrolières Gabon, which holds interests in 10 fields, to Perenco.

Additionally, Total Gabon, in which Total has 58% stake, agreed to sell its interests in five fields including the onshore Coucal, Avocette and Atora fields; partial interest in the offshore Hylia field as well as interest in the onshore non-operated Igongo field.

The fields have about 5,000 barrels per day (b/d) of combined production capacity.

Total Gabon will also divest stake in the Rabi-Coucal-Cap Lopez pipeline network.

Total Exploration & Production president Arnaud Breuillac said: “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.

“Total remains committed to Gabon and will focus on maximizing value from its principle strategic operated assets.”

Additionally, Total Gabon will transfer the operatorship of the offshore Grondin, Gonelle, Barbier, Mandaros, Girelle and Pageau fields to Perenco. However, it will retain its existing 65.3% interest in the assets.

Perenco expects the change in operatorship will help in generating synergies in future operations.

Upon completion of the deal, which is subject to approval by the authorities, Total’s remaining upstream assets in Gabon will be held entirely through Total Gabon.