Total today confirmed it had sold-off a string of assets in Gabon.
The French operator said it was shifting the stakes and the transfer of operatorship in various mature assets in Gabon to Perenco. The deal is worth $350million and includes about 13,000 barrels per day.
“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.”
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.
Following completion of the transaction, the Group’s remaining upstream assets in Gabon will be held entirely through Total Gabon.