PORT-GENTIL, Gabon--(BUSINESS WIRE)--Regulatory News:
Total Gabon (Paris:EC) has signed an agreement with Perenco for the sale of interests in five mature fields and the Rabi-Coucal-Cap Lopez pipeline network. The agreement also includes the transfer of operatorship on certain other fields. The transaction represents a value of $177 million before adjustments, and is subject to approval by the authorities.
Under the terms of the agreement, Total Gabon will divest all of its interests in the onshore Coucal, Avocette and Atora fields as well as the Rabi-Coucal-Cap Lopez pipeline network, and a partial interest in the offshore Hylia field. Operatorship of these assets will also be transferred to Perenco. In addition, Total Gabon will sell all of its interest in the onshore non-operated Igongo field. The production from the fields being divested represents about 5,000 barrels per day (b/d), or 10% of Total Gabon’s 2016 SEC production.
In addition, Total Gabon will transfer the operatorship of the offshore Grondin, Gonelle, Barbier, Mandaros, Girelle and Pageau fields to Perenco while retaining its existing 65.3% equity interest in the assets. This change in operatorship will generate the opportunity for synergies with Perenco’s nearby operations.
Unaffected by the transaction are Total Gabon’s operated interests in the Anguille area, the offshore Torpille, Torpille Nord Est and Baudroie-Mérou fields, the deep offshore Diaba permit and the Cap Lopez oil terminal. Total Gabon will also retain its non-operated interest in the onshore Rabi field.
“In a context of volatile Brent prices where the objective of improving operational efficiency is a priority, this agreement allows us to transfer the operatorship of certain assets to Perenco in order to take advantage of synergies with their nearby operations. In addition, it allows Total Gabon to refocus on its strategic operated assets and to assure the sustainability of our activities in the country,” commented Guy Maurice, President of Total Gabon.
Summary of the transaction:
|Offshore Grondin||Grondin||65.3% op||65.3% non-op|
|Gonelle||65.3% op||65.3% non-op|
|Barbier||65.3% op||65.3% non-op|
|Mandaros||65.3% op||65.3% non-op|
|Offshore Torpille||Girelle||65.3% op||65.3% non-op|
|Pageau||65.3% op||65.3% non-op|
|Hylia||55.7% op||37.5% non-op|
|Onshore operated||Coucal||43.7% op||0%|
|Rabi-Coucal-Cap Lopez pipeline network||100% op||0%|
Unaffected interests :
|Anguille||Offshore Anguille||100% op|
|Onshore Ile Mandji||100% op|
|Offshore Torpille||Torpille||100% op|
|Torpille Nord Est||100% op|
|Onshore non-operated||Rabi||32.9% non-op|
|Deep Offshore||Diaba||42.5% op|
|Cap Lopez - Oil terminal||100% op|
About Total Gabon
Present in Gabon for over 85 years, Total Gabon is one of the leading operators in the country. In 2016 Total Gabon’s operated production was 55,000 b/d, and its equity production was 47,400 b/d. Upon completion of the transaction, Total Gabon will retain the position of second largest producer in Gabon, with around 45,000 b/d.
Société anonyme incorporated in Gabon with a Board of
Directors and share capital of $76,500,000
Headquarters: Boulevard Hourcq, Port-Gentil, BP 525, Gabonese Republic
Registered in Port-Gentil: 2000 B 00011