Total Sells Gabon Assets to Perenco for $350MM
Total S.A. has signed an agreement for the sale of stakes and the transfer of operatorship in various mature assets in Gabon to Perenco for a total value of around $350 million.
The agreement includes the sale of the group’s 100 percent-owned affiliate Total Participations Petrolières Gabon, which holds interests in 10 fields. In addition, Total Gabon (Total 58 percent) has announced the sale of its interests in five fields and the Rabi-Coucal-Cap Lopez pipeline network.
The production divested by Total in the deal, which is subject to approval by the authorities, represents around 13,000 barrels per day.
“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,” Arnaud Breuillac, president of Total Exploration & Production, said.
“Total remains committed to Gabon and will focus on maximizing value from its principle strategic operated assets,” he added.
Following completion of the transaction, the group’s remaining upstream assets in Gabon will be held entirely through Total Gabon.
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