Total Gabon has signed an agreement to sell its interests in five mature fields and the Rabi-Coucal-Cap Lopez pipeline network to Perenco.

The sale agreement also comprises the transfer of operatorship to Perenco of certain other fields.

Valued at $177m before adjustments, the deal is subject to regulatory authority approval and other closing conditions.

Total Gabon president Guy Maurice said: “In a context of volatile Brent prices where the objective of improving operational efficiency is a priority, this agreement allows us to transfer the operatorship of certain assets to Perenco in order to take advantage of synergies with their nearby operations.

“In addition, it allows Total Gabon to refocus on its strategic operated assets and to assure the sustainability of our activities in the country.”

Under the agreement, Total Gabon will sell its interests in Coucal, Avocette and Atora fields located onshore, along with Rabi-Coucal-Cap Lopez pipeline network.

"It allows Total Gabon to refocus on its strategic operated assets and to assure the sustainability of our activities in the country."

Perenco will also assume the operatorship of these assets.

The company will also divest its interest in the non-operated Igongo field and a partial interest in its offshore Hylia field.

In addition, Total Gabon will transfer operatorship of the offshore Grondin, Gonelle, Barbier, Mandaros, Girelle and Pageau fields to Perenco. It will continue to retain 65.3% equity interest in these assets.

The transaction does not include Total Gabon’s operated interests in the Anguille area, the offshore Torpille, Torpille Nord East and Baudroie-Mérou fields. It also excludes the offshore Diaba permit and the Cap Lopez oil terminal.

Total has been operating in Gabon for more than 85 years.

Following the sale, Total will continue to be a leading producer in the country with 45,000bpd of production.