Total (Paris:FP) (LSE:TTA) (NYSE:TOT) 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 barrels per day (b/d).
“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.
Summary of the transactions
|Offshore Grondin||Grondin||34.7%||65.3% op||65.3% non op|
|Gonelle||34.7%||65.3% op||65.3% non op|
|Barbier||34.7%||65.3% op||65.3% non op|
|Mandaros||34.7%||65.3% op||65.3% non op|
|Offshore Torpille||Girelle||34.7%||65.3% op||65.3% non op|
|Pageau||34.7%||65.3% op||65.3% non op|
|Hylia||19.3%||55.7% op||37.5% non op|
|Onshore operated||Coucal||13.8%||43.7% op||0%|
|Onshore non-operated||Rabi||14.6%||32.9%||32.9% non op|
|18” Coucal-Cap Lopez pipeline||-||100% op||0%|
Interests not included in the transactions
|Anguille||Offshore Anguille||100% op|
|Onshore Ile Mandji||100% op|
|Offshore Torpille||Torpille||100% op|
|Torpille Nord Est||100% op|
|Deep Offshore||Diaba block||42.5% op|
|Cap Lopez oil terminal||100% op|
TPPG: Total Participations Pétrolières Gabon (Total 100%)
TG: Total Gabon (Total 58%)
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About Total in Gabon
Present in Gabon for over 85 years, Total is a leading oil & gas major in the country in both the upstream and downstream segments. The Group’s equity production in 2016 was 58,100 b/d.
Total is a global integrated energy producer and provider, a leading international oil and gas company, and the world’s second-ranked solar energy operator with SunPower. Our 96,000 employees are committed to better energy that is safer, cleaner, more efficient, more innovative and accessible to as many people as possible. As a responsible corporate citizen, we focus on ensuring that our operations in more than 130 countries worldwide consistently deliver economic, social and environmental benefits. total.com
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