Total sells Gabon assets to Perenco for $350m


01 March 2017, Sweetcrude, Libreville –  French multinational oil company Total has reached an agreement to sell stakes and transfer of operatorship in several mature oil fields offshore Gabon to French independent Perenco.

The deal includes the sale of the group’s 100 percent-owned affiliate Total Participations Petrolières Gabon, which holds interests in 10 fields.  

In addition, Total Gabon (58 percent Total-owned) announced the sale of its interests in five fields and the Rabi-Coucal-Cap Lopez pipeline network. The total value of both transactions is about US$350 million. The production divested by Total represents around 13,000 barrels per day.

“In a context of volatile Brent prices where reducing the breakeven of our operations is a top priority, this agreement demonstrates our ability to capture value through the disposal of mature assets while benefiting from the synergies generated by the transfer of operatorship,” said Arnaud Breuillac, President of Total Exploration & Production.

“Total remains committed to Gabon and will focus on maximising value from its principle strategic operated assets.”

Perenco will take 34.7 percent interest and operatorship in the Offshore Grondin area, containing the Grondin, Gonelle, Barbier, and Mandaros fields, the Offshore Torpille area, containing Girelle, and Pageua. Perenco also takes 13. percent in the Hylia field in the Torpille area.

The deal includes 13.8 percent stakes and operatorship in the onshore Coucal and Avocette fields, and a 14.6 percent stake in the onshore Rabi field and 100 percent in the Rabi-CoucalCap Lopez pipeline.

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