The deal includes Total Gabon’s stakes in seven mature non-operated offshore fields as well as its interests and operatorship in the Cap Lopez oil terminal
French oil and gas company Total’s 58% owned subsidiary Total Gabon, has agreed to sell its stakes in a portfolio of mature non-operated offshore assets to an Anglo-French oil and gas company, Perenco.
Under the terms of the deal, Perenco will acquire Total Gabon’s stakes in seven mature non-operated offshore fields as well as its interests and operatorship in the Cap Lopez oil terminal.
The fields include Grondin, Gonelle, Barbier and Mandaros in Grondin and Girelle, Pageau and Hylia in Torpille.
Based on the future Brent prices, Perenco will pay $290-350m to acquire the assets, which recorded a production of around 8,000 SEC b/d of oil in 2019.
The deal is subject to approval from the Gabonese authorities
Total Exploration and Production president Arnaud Breuillac said: “This transaction demonstrates our ability to high grade Total E&P’s portfolio by monetizing mature fields with high breakeven point.
“We remain fully committed to Gabon through our operated production clusters at Anguille-Mandji and Torpille-Baudroie-Mérou, where we continue to maximize value for all stakeholders.”
Furthermore, the company said that the deal is subject to approval from the Gabonese authorities.
Recently, Total has agreed to sell the Lindsey refinery to a UK-based petroleum products company Prax Group.
The deal includes the sale of the facility’s associated logistic assets, all related rights as well as all of the related rights and obligation.
Located in Immingham (Lincolnshire) in England, the refinery has an annual production capacity of 5.4 million tonnes.