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December 10, 2021

TotalEnergies sells several Gabon assets to Perenco for $350m

The sale includes seven mature offshore fields and the Cap Lopez terminal in Gabon.

By Aninda Chakraborty

TotalEnergies has completed the sale of some of its assets in Gabon to Perenco in a transaction valued at approximately $350m before final adjustments.

Under the deal, TotalEnergies EP Gabon, a subsidiary of the French energy group, divested its non-operated stakes in seven mature offshore fields to Perenco Oil and Gas Gabon.

The seven Perenco-operated fields are: Grondin, Gonelle, Barbier, Mandaros, Girelle, Pageau and Hylia.

The divestment also includes the transfer of its 100% stake and operatorship in the Cap Lopez terminal.

The deal was closed after receiving the necessary regulatory approvals from the Gabonese authorities.

TotalEnergies EP Gabon president Henri-Max Ndong-Nzue said: “This transaction is aligned with TotalEnergies’ strategy to enhance its portfolio by divesting mature, high break-even fields.

“TotalEnergies EP Gabon is refocusing on its operated offshore assets in the Anguille and Torpille sectors and remains a committed oil industry player in Gabon.”

TotalEnergies first announced its decision to divest its stake in the seven offshore fields in July last year.

The assets produced an average of 8,400 barrels of oil equivalent per day during the first three quarters of 2021.

The company has been operating in Gabon for more than 90 years. Last year, TotalEnergies’ SEC production in the country totalled approximately 27,000 barrels of oil equivalent per day.

In October, TotalEnergies reported an adjusted net profit of $4.8bn for the third quarter of 2021. This marked an increase from the $848m reported in the same period last year.

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