Total proclaims that its 58% owned affiliate Total Gabon has signed an settlement with Perenco to divest its pursuits in seven mature non-operated offshore fields, together with its pursuits and operatorship within the Cap Lopez oil terminal. The transaction stays topic to approval by the Gabonese authorities.
The worth to be paid by Perenco shall be between $290 million and $350 million, relying on future Brent costs. The manufacturing divested by Total Gabon amounted to roughly eight,000 SEC barrels of oil per day in 2019.
“This transaction demonstrates our means to excessive grade Total E&P’s portfolio by monetizing mature fields with excessive breakeven level,” commented Arnaud Breuillac, President Exploration & Production at Total. “We stay absolutely dedicated to Gabon via our operated manufacturing clusters at Anguille-Mandji and Torpille-Baudroie-Mérou, the place we proceed to maximise worth for all stakeholders.”
In the early days, Elf Gabon constructed 80,000 cubic meters gasoline storage models at Cap Lopez 5 km from Port Gentil on the crude export terminal.
Total has been working in Gabon for greater than 90 years and is a significant participant within the nation’s upstream and downstream companies. In 2019, Total Gabon’s SEC manufacturing got here to round 33,000 barrels of oil equal per day.
Perenco is an impartial Anglo-French oil and gasoline firm with a headquarters in London and Paris.
(Source: Total – Image: Cap Lopez oil terminal, Republic of Gabon)
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