PORT-GENTIL, Gabon--(BUSINESS WIRE)--Regulatory News:
Total Gabon (Paris:EC) has exercised its pre-emption right to acquire the 50% interest in the Baudroie-Mérou license held by Mitsubishi Petroleum Development Company (MPDC). Total Gabon owns the remaining 50% interest and at completion of the transaction will become 100% owner and operator of the license. The transaction represents a value of $40 million and is subject to approval by the authorities.
“This acquisition confirms our recent decision to refocus on our strategic offshore assets and demonstrates our continued commitment to Gabon,” said Guy Maurice, President of Total Gabon. “In addition to delivering incremental volumes in the short term, this transaction allows us to capture potential upside in the years to come.”
The Baudroie-Mérou license includes two blocks and three producing fields, and is located within approximately 10 kilometers of Total Gabon’s Torpille field. In 2016, production from the fields averaged 4,600 barrels of oil per day. Total currently operates Baudroie-Mérou with a 50% interest alongside MPDC (50%).
Société anonyme de droit gabonais avec Conseil d’Administration au
capital de 76 500 000 dollars US
Siège social : Boulevard Hourcq - Port-Gentil BP 525 (République Gabonaise)
RCCM Port-Gentil 2000 B 00011