Total Gabon Refocuses on Its Principal Offshore Assets by Selling Interests & Transferring Operatorship in Several Mature Fie...
February 27 2017 - 2:53AM
Business Wire
Regulatory News:
Total Gabon (Paris:EC) has signed an agreement with Perenco for
the sale of interests in five mature fields and the Rabi-Coucal-Cap
Lopez pipeline network. The agreement also includes the transfer of
operatorship on certain other fields. The transaction represents a
value of $177 million before adjustments, and is subject to
approval by the authorities.
Under the terms of the agreement, Total Gabon will divest all of
its interests in the onshore Coucal, Avocette and Atora fields as
well as the Rabi-Coucal-Cap Lopez pipeline network, and a partial
interest in the offshore Hylia field. Operatorship of these assets
will also be transferred to Perenco. In addition, Total Gabon will
sell all of its interest in the onshore non-operated Igongo field.
The production from the fields being divested represents about
5,000 barrels per day (b/d), or 10% of Total Gabon’s 2016 SEC
production.
In addition, Total Gabon will transfer the operatorship of the
offshore Grondin, Gonelle, Barbier, Mandaros, Girelle and Pageau
fields to Perenco while retaining its existing 65.3% equity
interest in the assets. This change in operatorship will generate
the opportunity for synergies with Perenco’s nearby operations.
Unaffected by the transaction are Total Gabon’s operated
interests in the Anguille area, the offshore Torpille, Torpille
Nord Est and Baudroie-Mérou fields, the deep offshore Diaba permit
and the Cap Lopez oil terminal. Total Gabon will also retain its
non-operated interest in the onshore Rabi field.
“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,” commented Guy Maurice, President of
Total Gabon.
Summary of the transaction:
Areas Fields
Total Gabon interest
pre-sale
Total Gabon interest
post-sale
Offshore Grondin Grondin 65.3% op 65.3% non-op
Gonelle 65.3% op 65.3% non-op Barbier 65.3% op
65.3% non-op Mandaros 65.3% op 65.3% non-op
Offshore Torpille Girelle 65.3% op 65.3% non-op
Pageau 65.3% op 65.3% non-op Hylia 55.7% op
37.5% non-op Onshore operated Coucal 43.7% op
0% Avocette 43.6% op 0% Atora 40% op 0%
Onshore non-operated Igongo 18% 0%
Rabi-Coucal-Cap
Lopez pipeline network 100% op 0%
Unaffected interests :
Areas Fields
Total Gaboninterests
Anguille Offshore Anguille 100% op Onshore Ile Mandji
100% op Offshore Torpille Torpille 100% op Torpille Nord Est
100% op Baudroie-Mérou 50% op Onshore non-operated
Rabi 32.9% non-op Deep Offshore Diaba 42.5% op Cap
Lopez - Oil terminal 100% op
About Total Gabon
Present in Gabon for over 85 years, Total Gabon is one of the
leading operators in the country. In 2016 Total Gabon’s operated
production was 55,000 b/d, and its equity production was 47,400
b/d. Upon completion of the transaction, Total Gabon will retain
the position of second largest producer in Gabon, with around
45,000 b/d.
Société anonyme incorporated in Gabon
with a Board of Directors and share capital of
$76,500,000Headquarters: Boulevard Hourcq, Port-Gentil, BP
525, Gabonese Republicwww.total.gaRegistered in
Port-Gentil: 2000 B 00011
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version on businesswire.com: http://www.businesswire.com/news/home/20170226005291/en/
Media Contacts :Total GabonFlorent CAILLET, +241 01
55 64 94florent.caillet@total.com
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