Total scales back interests in offshore Gabon fields

Total has agreed to sale operated stakes in various mature producing fields offshore Gabon to Perenco.

Offshore staff

PARIS – Total has agreed to sale operated stakes in various mature producing fields offshore Gabon to Perenco. The transaction remains subject to approval by the Gabonese authorities.

The deal includes the sale of the 100%-owned affiliate Total Participations Petrolières Gabon, which holds interests in 10 fields, and of Total’s stake in the Rabi-Coucal-Cap Lopez pipeline network.

Total value of the transaction is around $350 million before adjustments, and the production divested is around 13,000 b/d.

Arnaud Breuillac, president of Total Exploration & Production, said: “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.

“Total remains committed to Gabon [viaTotal Gabon] and will focus on maximizing value from its principle strategic operated assets,” he added.

The offshore assets due to be transferred to Perenco are as follows:

Areas

Field

TPPG
Interest
sold

TG
Interest
pre-sale

TG
Interest
post-sale

Offshore
Grondin

Grondin

34.7%

65.3% op

65.3% non op

Gonelle

34.7%

65.3% op

65.3% non op

Barbier

34.7%

65.3% op

65.3% non op

Mandaros

34.7%

65.3% op

65.3% non op

Offshore
Torpille

Girelle

34.7%

65.3% op

65.3% non op

Pageau

34.7%

65.3% op

65.3% non op

Hylia

19.3%

55.7% op

34.5%

02/27/2017

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