Total Gabon Refocuses on Operated Assets by Divesting Non-operated Assets and the Cap Lopez Terminal

Regulatory News:

Total Gabon (Paris:EC) has signed an agreement with Perenco Oil & Gas Gabon to divest its interests in seven mature non-operated offshore fields, along with its interests and operatorship in the Cap Lopez oil Terminal.

The transaction, which shall amount between $290 million and $350 million, depending on future Brent prices, remains subject to approval by the Gabonese authorities. The production interest divested by Total Gabon amounted to approximately 8,000 barrels per day in 2019.

"In the current volatile oil environment, this transaction will help Total Gabon first to concentrate on his main operated assets in order to make the most of it, and second to guarantee the future of the Cap Lopez Terminal with the consolidation of the volumes from two major actors in Gabon into the same terminal,” commented Nicolas Terraz, President of Total Gabon. “We remain fully committed to Gabon as actor of the oil industry of the country. We shall continue to implement all plans to maximize the value of our operated production clusters at Anguille-Mandji and Torpille-Baudroie-Mérou.”

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