The divestments include non-core assets in both exploration and production in Brunei and marketing & services in Sierra Leone and Liberia
In Brunei, the firm sold its subsidiary Total E&P Deep Offshore Borneo to Shell. (Credit: Pixabay/Adam Radosavljevic )
French oil and gas company Total has divested its assets in Brunei, Liberia, and Sierra Leone for more than $400m, as part of its plan to divest $5bn worth of assets in years 2019-2020.
The divestments include non-core assets in both exploration and production in Brunei and marketing & services in Sierra Leone and Liberia.
In Brunei, the firm has closed the sale of its wholly owned subsidiary Total E&P Deep Offshore Borneo to Shell. It is the operator of the Block CA1, with a stake of 86.95% .
Murphy Oil holds 8.05% stake in the block. while Petronas owns 5% interest. The production of the block was 5 kboe/d net to Total in 2019.
Total Chief Financial Officer Jean-Pierre Sbraire said: “These sales will contribute to Total’s ongoing divestment program and demonstrate our ability to relentlessly highgrade our portfolio.
“In the current context of low oil prices, these transactions support the action plan announced to weather the crisis.”
The divestment in Sierra Leone and Liberia is expected to be completed in Q2 2020
In Sierra Leone and Liberia, Total has signed an agreement to sell its marketing and services businesses to Conex Oil & Gas Holdings, a regional player in petroleum products import, distribution and supply chain management in West Africa.
It comprises a network of 63 service stations, general trade fuel sales and petroleum products import and storage operations.
The sale of the two affiliates is estimated to be completed in the second quarter of the year.
In February, the oil and gas company completed the sale of its 27.5% interest in Fosmax LNG to LNG terminal operator Elengy, for $260m.
With the acquisition of the asserts, Elengy now owns a 100% stake in Fosmax LNG, which owns the LNG terminal at Fos Cavaou at Fos-sur-Mer in the Bouches-du-Rhône region of southern France.