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Total France agrees to sell part of Gabonese assets to Perenco

Total France agrees to sell part of Gabonese assets to Perenco

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 French oil giant Total recently announced that its 58%-owned subsidiary Total Gabon has agreed to sell its stake in seven oil fields off the coast of Gabon to Perenco.

The sales agreement also includes the transfer of equity and operating rights to Cap Lopez Oil Terminal.

Total added that Perenco will pay between US$290 million and US$350 million for these assets, depending on the future price of Brent crude oil.

According to Total, the transaction needs to be approved by the Gabonese authorities.

In February 2017, Total Gabon signed an agreement to sell its stake in five old oil fields and the Rabi-Coucal-Cap Lopez pipeline to Perenco.

In addition, Total and its joint venture partner, Apache, discovered a third oil field in well kwaskwasi 1 in Block 58 of the Suriname Sea.

Apache operates and owns 50% of the working interest in the block, and Total holds the remaining 50%.

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