French oil and gas giant Total said its subsidiary Total Gabon has agreed to offload its interests in seven mature non-operated offshore fields and also interests and operatorship in the Cap Lopez oil terminal in Gabon to Perenco for a consideration ranging between $290 million and $350 million.

The final price for the sale will be based on future Brent prices with the closing of the deal needing approval from Gabonese authorities.

The transaction remains subject to approval by the Gabonese authorities.

The assets involved in the deal had a 2019 production of around 8,000 SEC barrels of oil per day.

Perenco, which is an Anglo-French oil and gas company, is executing the deal through its subsidiary Perenco Oil & Gas Gabon. The assets it will be acquiring include Total’s stakes of 65.275% each in four fields in the Grondin area – Grondin field, Gonelle field, Barbier field, Mandaros field.

In the Torpille area, Perenco will acquire Total’s stakes of 65.275% each in Girelle field and Pageau field, and 37.5% in Hylia field.

In the Cap Lopez oil terminal, Total holds a 100% stake.

Arnaud Breuillac –  Total Exploration and Production President 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.”

Total holds a 58% stake in Total Gabon and is partnered by the Gabonese government (25%) and other shareholders.

In 2017, Total sold its interests in five fields in Gabon and the Rabi-Coucal-Cap Lopez pipeline network to Perenco for about $350 million.

  Arnaud Breuillac, Cap Lopez oil terminal, Gabon, Perenco, Total