Total sells interests in mature Gabon fields to Perenco

PARIS -- Total has signed an agreement for the sale of stakes and the transfer of operatorship in various mature assets in Gabon to Perenco. The transaction is subject to approval by the authorities.

This agreement includes the sale of the Group’s 100%-owned affiliate Total Participations Petrolières Gabon, which holds interests in 10 fields. In addition, Total Gabon (Total 58%) has announced the sale of its interests in five fields and the Rabi-Coucal-Cap Lopez pipeline network. The total value of the transactions is around $350 million before adjustments and the production divested by Total represents around 13,000 SEC bpd.

“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 maximizing value from its principle strategic operated assets.”

Following completion of the transaction, the Group’s remaining upstream assets in Gabon will be held entirely through Total Gabon.