Total to Sell Cameroon Stake to Perenco
Total has finalized an agreement in principle with Perenco, an independent exploration and production French company, to sell its 75.8% equity in its upstream affiliate Total E&P Cameroon, a Cameroonian company which other shareholders include the national oil company – SNH (Société Nationale des Hydrocarbures – 20%) and Paris Orléans – Groupe Rotchshild (4.2%). This agreement is subject to the Cameroonian Authorities' approval.
Production from the mature fields operated by Total in Cameroon reaches 40,000 barrels per day (b/d), which represents an equity production of 8,000 b/d, or 0.3% of the Group's total production.
"Perenco, the company with which Total has finalized this agreement is already present in Cameroon as an operator and a SNH long time partner. It has demonstrated its competencies in optimizing mature fields, has developed new reserves off the coast of Kribi and is currently working on a project to enhance gas value. With this experience, Perenco is set to successfully pursue the exemplary cooperation developed by Total with SNH over decades. Synergies between Perenco's exploration and production operations and Total E&P Cameroon activities will allow Perenco to optimize its industrial tool while ensuring its activities are pursued over the long term. Perenco's offer is respectful of commitments taken by Total towards its employees and the authorities," said Jacques Marraud des Grottes, Senior Vice President Africa, Exploration & Production. "Being also present in refining and distribution, Total intends to remain an actor of the Cameroonian oil industry and will maintain its refining activities as well as its distribution network of oil products in the country."
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