Total Gabon Sells Assets for up to $350MM

Total revealed Thursday that its 58 percent owned affiliate Total Gabon has signed an agreement with Perenco to divest its interests in several assets for up to $350 million.

The deal includes stakes in seven mature non-operated offshore fields, as well as the operatorship of the Cap Lopez oil terminal. The price to be paid by Perenco for the assets will be between $290 million and $350 million, depending on future Brent oil prices, Total outlined.

The transaction remains subject to approval by the Gabonese authorities. Production divested by Total Gabon as part of the deal amounted to approximately 8,000 barrels of oil per day in 2019, Total revealed.

“This transaction demonstrates our ability to high grade Total E&P's portfolio by monetizing mature fields with high breakeven point,” Arnaud Breuillac, the president of exploration and production at Total, said in a company statement.

“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,” he added.

The full list of divested assets in the deal can be seen below:

• Grondin – 65,275 percent
• Gonelle - 65,275 percent
• Barbier - 65,275 percent
• Mandaros - 65,275 percent
• Torpille – 65,275 percent
• Girelle - 65,275 percent
• Pageau - 65,275 percent
• Hylia - 37,5 percent
• Cap Lopez oil terminal - 100 percent

Total has been operating in Gabon for more than 90 years and is a major player in the country’s upstream and downstream businesses, according to the company’s website, which shows that, in 2019, Total Gabon’s production came to around 33,000 barrels of oil equivalent per day.

Total describes itself as a broad energy company that produces and markets fuels, natural gas and low-carbon electricity. The business employs more than 100,000 people and is active in over 130 countries, its website shows.

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