Total Gabon to sell certain mature Gabonese assets to Perenco

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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.

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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.

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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.

Total's subsidiary Total Gabo to sell certain mature Gabonese assets to Perenco.

Total’s subsidiary Total Gabo to sell certain mature Gabonese assets to Perenco. Photo courtesy of Tangopaso/Wikipedia.org.

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.

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“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.

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