U.K.-based oil and gas company Trident Energy has strengthened its presence in Africa through an agreement with Chevron to acquire its share in several fields offshore Congo, in addition to the earlier deal made with TotalEnergies.
Trident Energy agreed to acquire the entire issued share capital of Chevron Overseas (Congo) which holds a 31.5% non-operated working interest in the Moho-Bilondo, Nkossa, Nsoko II fields and a 15.75% operated interest in the Lianzi field.
In addition, Trident Energy has signed multiple agreements with TotalEnergies to simultaneously acquire an additional 53.5% working interest in the Nkossa and Nsoko II fields from TotalEnergies and divest a 10% working interest in the Moho-Bilondo field to the French energy major.
Upon completion of the transactions, Trident Energy will hold an 85% working interest in the Nkossa and Nsoko II fields, a 15.75% working interest in the Lianzi field and will take over the operation of these fields.
Trident Energy will also retain a 21.5% working interest in the Moho–Bilondo field, operated by TotalEnergies.
Subject to approval from the relevant authorities, the transaction is anticipated to be completed by the end of the fourth quarter of 2024.
“We are delighted to announce the signing of these transactions and enter the Republic of Congo. We look forward to working with our new partners, SNPC and the Congolese Government.
“This deal represents an exciting new chapter in Trident Energy’s growth story and strengthens our presence and capabilities in Africa. The transaction aligns with our strategy to acquire and operate high quality assets in a safe, efficient and responsible manner
“Building on our continued successes in Equatorial Guinea and Brazil, we are excited to unlock further value and create opportunities for our partners in the Republic of Congo, host communities and all our stakeholders,” said Jean-Michel Jacoulot, Chief Executive of Trident Energy ML.