Total SA (NYSE: TOT) has signed an agreement, valued at about $350 million, to sell stakes and transfer operatorship in various mature assets in Gabon to Perenco, according to a news release.
As part of the agreement, which is subject to approval by authorities, the company is selling its 100%-owned affiliate Total Participations Petrolières Gabon, which holds interests in 10 fields. In addition, Total Gabon (Total 58%) has announced the sale of its interests in five fields and the Rabi-Coucal-Cap Lopez pipeline network, the release 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,” said Arnaud Breuillac, President of Total E&P. “Total remains committed to Gabon and will focus on maximizing value from its principle strategic operated assets.”
The deal includes the Grondin, Gonelle, Barbier, Mandaros, Girelle, Pageau and Hylia fields offshore. Onshore fields include Coucal, Avocette, Atora, Rabi and Igongo.
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