Total Gabon Divests its Portfolio of Mature Non-operated Assets

Source Press Release
Company TotalPerenco 
Tags Asset Deals, Deals, Upstream Activities
Date July 30, 2020

Total announces that its 58% owned affiliate Total Gabon has signed an agreement with Perenco to divest its interests in seven mature non-operated offshore fields, along with its interests and operatorship in the Cap Lopez oil terminal. The transaction remains subject to approval by the Gabonese authorities.

The price to be paid by Perenco will be between $290 million and $350 million, depending on future Brent prices. The production divested by Total Gabon amounted to approximately 8,000 SEC barrels of oil per day in 2019.

"This transaction demonstrates our ability to high grade Total E&P's portfolio by monetizing mature fields with high breakeven point," commented Arnaud Breuillac, President Exploration & Production at Total. “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.”

List of assets included in the transaction 
Area  Field  Total Gabon’s Interests  Total Gabon's interest after the transaction  Operator 
Grondin  Grondin  65,275 %  0 % 
Perenco Oil & Gas Gabon 
Gonelle  65,275 %  0 % 
Barbier  65,275 %  0 % 
Mandaros  65,275 %  0 % 
Torpille  Girelle      65,275 %  0 % 
Pageau      65,275 %  0 % 
Hylia      37,5 %  0 % 
Cap Lopez oil terminal  100 %  0 %  Total Gabon 
Source: EvaluateEnergy® ©2020 EvaluateEnergy Ltd