Total sells Gabon assets to Perenco

French oil major Total has decided to divest its portfolio of mature non-operated assets located offshore Gabon to Perenco.

Total said on Thursday that its 58 per cent owned affiliate, Total Gabon, has signed an agreement with Perenco to divest its interests in seven mature non-operated offshore fields.

The agreement also includes Total’s interests and operatorship in the Cap Lopez oil terminal.

The transaction remains subject to approval by the Gabonese authorities.

Total said that the price to be paid by Perenco will be between $290 million and $350 million, depending on future Brent prices.

The production divested by Total Gabon amounted to approximately 8,000 SEC barrels of oil per day in 2019.

“This transaction demonstrates our ability to high-grade Total E&P’s portfolio by monetizing mature fields with high breakeven point”, commented Arnaud Breuillac, President Exploration & Production at Total.

“We remain fully committed to Gabon through our operated production clusters at Anguille-Mandji and Torpille-Baudroie-Mérou, where we continue to maximize value for all stakeholders”.