Trident Energy expands into Republic of Congo with strategic acquisitions from Chevron and TotalEnergies

Trident Energy, a UK-based company specializing in mid-life oil and gas assets, has announced its expansion into the Republic of Congo through two separate acquisition deals with Chevron and TotalEnergies. These transactions mark a significant step in Trident’s growth strategy and its commitment to enhancing its portfolio in Africa.

From Chevron, Trident Energy will acquire Chevron Overseas (Congo), gaining a non-operated working interest of 31.5% in the Moho-Bilondo, Nkossa, and Nsoko II fields. Additionally, Trident will take over a 15.75% operated interest in the Lianzi oil field, strategically located in the offshore area shared between the Republic of Congo and Angola. The acquisition is slated for completion by the end of Q4 2024, pending necessary regulatory approvals.

Following the acquisition from Chevron, Trident Energy plans to divest a 10% stake in the Moho license to TotalEnergies. This part of the deal involves TotalEnergies EP Congo, in which TotalEnergies holds an 85% ownership stake. Concurrently, TotalEnergies will sell its 53.5% stake in the Nkossa and Nsoko II licenses to Trident Energy.

Post-transaction, TotalEnergies EP Congo will maintain a 63.5% operated interest in the Moho license, with Trident Energy holding a 21.5% stake and the Société Nationale des Pétroles du Congo (SNPC) retaining 15%. In the Nkossa and Nsoko II licenses, Trident Energy will operate with an 85% interest, while SNPC will hold the remaining 15%.

Jean-Michel Jacoulot, CEO of Trident Energy ML, expressed enthusiasm about the venture: “We are delighted to announce the signing of these transactions and enter the Republic of Congo. We look forward to working with our new partners, SNPC and the Congolese Government. This deal represents an exciting new chapter in Trident Energy’s growth story and strengthens our presence and capabilities in Africa.”

Mike Sangster, TotalEnergies Africa’s senior vice president of exploration and production, highlighted the strategic nature of the transaction: “With these transactions, TotalEnergies continues to dynamically manage its portfolio. In line with our strategy, we focus on low-cost, low-emission assets, and leverage our deep offshore expertise.”

The Moho field, also known as Moho-Bilondo, is a significant deep-offshore field located approximately 80km off the coast of Pointe Noire, operated by TotalEnergies EP Congo. Following the start of the Moho Nord project in 2017, its production has ramped up significantly, with current outputs from two floating production units, Alima and Likouf, totaling about 100,000 barrels of oil equivalent per day (boe/d).

The Nkossa and Nsoko II fields, situated 70km offshore, have been producing since 1996 and 2006, respectively. These mature oil reserves currently yield a combined output of 15kboe/d for TotalEnergies.

This strategic consolidation is subject to customary conditions, including regulatory approvals and the completion of Trident Energy’s acquisition of Chevron Overseas (Congo). TotalEnergies remains committed to its long-term partnership with the Republic of Congo, planning further exploration and drilling activities in the region.