Oil major Total has agreed to sell stakes and transfer operatorship in a number of fields offshore Gabon to French independent Perenco.
The deal includes the sale of Total's 100%-owned affiliate Total Participations Petrolières Gabon, which holds interests in 10 fields. In addition, Total Gabon (58% Total-owned) has sold its interests in five fields and the Rabi-Coucal-Cap Lopez pipeline network. The total value of both transactions is about US$350 million, before adjustments, and the production divested by Total represents around 13,000 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.”
Perenco will take 34.7% interest and operatorship in the Offshore Grondin area, containing the Grondin, Gonelle, Barbier, and Mandaros fields, the Offshore Torpille area, containing Girelle, and Pageua. Perenco also takes 13.8% in the Hylia field in the Torpille area.
The deal includes 13.8% stakes and operatorship in the onshore Coucal and Avocette fields, and a 14.6% stake in the onshore Rabi field and 100% in the Rabi-CoucalCap Lopez pipeline.