Total Gabon Divests its Portfolio of Mature Non-Operated Assets

PARIS--()-- 

Total (Paris:FP) (LSE:TTA) (NYSE:TOT) announces that its 58% owned affiliate Total Gabon has signed an agreement with Perenco to divest its interests in seven mature non-operated offshore fields, along with its interests and operatorship in the Cap Lopez oil terminal. The transaction remains subject to approval by the Gabonese authorities.

The price to be paid by Perenco will be between $290 million and $350 million, depending on future Brent prices. The production divested by Total Gabon amounted to approximately 8,000 SEC barrels of oil per day in 2019.

"This transaction demonstrates our ability to high grade Total E&P's portfolio by monetizing mature fields with high breakeven point," commented Arnaud Breuillac, President Exploration & Production at Total. “We remain fully committed to Gabon through our operated production clusters at Anguille-Mandji and Torpille-Baudroie-Mérou, where we continue to maximize value for all stakeholders.”

List of assets included in the transaction

Area

Field

Total Gabon’s
Interests

Total Gabon's
interest after the
transaction

Operator

Grondin

Grondin

65.275%

0%

Perenco Oil &
Gas Gabon

Gonelle

65.275%

0%

Barbier

65.275%

0%

Mandaros

65.275%

0%

Torpille

Girelle

65.275%

0%

Pageau

65.275%

0%

Hylia

37.5%

0%

Cap Lopez oil terminal

100%

0%

Total Gabon

About Total Gabon

Total has been operating in Gabon for more than 90 years and is a major player in the country’s upstream and downstream businesses. In 2019, Total Gabon’s SEC production came to around 33,000 barrels of oil equivalent per day.

About Total

Total is a broad energy company that produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.

* * * * *

Total Contacts

Media Relations: +33 1 47 44 46 99 l presse@total.com l @TotalPress
Investor Relations: +44 (0)207 719 7962 l ir@total.com

Cautionary Note

This press release, from which no legal consequences may be drawn, is for information purposes only. The entities in which TOTAL SE directly or indirectly owns investments are separate legal entities. TOTAL SE has no liability for their acts or omissions. In this document, the terms “Total”, “Total Group” and Group are sometimes used for convenience. Likewise, the words “we”, “us” and “our” may also be used to refer to subsidiaries in general or to those who work for them.

This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TOTAL SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.

Short Name: Total S.A.
Category Code: MSCU
Sequence Number: 705207
Time of Receipt (offset from UTC): 20200730T072739+0100

Contacts

Total

Contacts

Total