Gabon: Total Sells Interests in Mature Fields to Perenco and Optimizes Its Operations
February 27 2017 - 3:16AM
Business Wire
Regulatory News:
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) has signed an agreement
for the sale of stakes and the transfer of operatorship in various
mature assets in Gabon to Perenco. The transaction is subject to
approval by the authorities.
This agreement includes the sale of the Group’s 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 total value of the
transactions is around $350 million before adjustments and the
production divested by Total represents around 13,000 SEC barrels
per day (b/d).
“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 Exploration & Production. “Total remains committed to
Gabon and will focus on maximizing value from its principle
strategic operated assets.”
Following completion of the transaction, the Group’s remaining
upstream assets in Gabon will be held entirely through Total
Gabon.
Summary of the transactions
Areas Fields
TPPG interest
sold
TG interest pre-sale
TG interest post-sale
Offshore Grondin Grondin 34.7% 65.3% op 65.3%
non op Gonelle 34.7% 65.3% op 65.3% non op
Barbier 34.7% 65.3% op 65.3% non op Mandaros
34.7% 65.3% op 65.3% non op Offshore Torpille
Girelle 34.7% 65.3% op 65.3% non op Pageau
34.7% 65.3% op 65.3% non op Hylia 19.3%
55.7% op 37.5% non op Onshore operated Coucal
13.8% 43.7% op 0% Avocette 13.9% 43.6%
op 0% Atora - 40% op 0% Onshore
non-operated Rabi 14.6% 32.9% 32.9% non op
Igongo - 18% 0% 18” Coucal-Cap Lopez pipeline
- 100% op 0%
Interests not included in the transactions
Areas Fields TG interest Anguille
Offshore Anguille 100% op Onshore Ile Mandji 100% op
Offshore Torpille Torpille 100% op Torpille Nord Est
100% op Baudroie-Mérou 50% op Deep Offshore Diaba block
42.5% op Cap Lopez oil terminal 100% op
TPPG: Total Participations Pétrolières Gabon (Total 100%)TG:
Total Gabon (Total 58%)
* * * * *
About Total in Gabon
Present in Gabon for over 85 years, Total is a leading oil &
gas major in the country in both the upstream and downstream
segments. The Group’s equity production in 2016 was 58,100 b/d.
About Total
Total is a global integrated energy producer and provider, a
leading international oil and gas company, and the world’s
second-ranked solar energy operator with SunPower. Our
96,000 employees are committed to better energy that is safer,
cleaner, more efficient, more innovative and accessible to as many
people as possible. As a responsible corporate citizen, we focus on
ensuring that our operations in more than 130 countries worldwide
consistently deliver economic, social and environmental benefits.
total.com
Cautionary note
This press release, from which no legal consequences may be
drawn, is for information purposes only. The entities in which
TOTAL S.A. directly or indirectly owns investments are separate
legal entities. TOTAL S.A. has no liability for their acts or
omissions. In this document, the terms “Total” and “Total Group”
are sometimes used for convenience where general references are
made to TOTAL S.A. and/or its subsidiaries. Likewise, the words
“we”, “us” and “our” may also be used to refer to subsidiaries in
general or to those who work for them.This document may contain
forward-looking information and statements that are based on a
number of economic data and assumptions made in a given economic,
competitive and regulatory environment. They may prove to be
inaccurate in the future and are subject to a number of risk
factors. Neither TOTAL S.A. nor any of its subsidiaries assumes any
obligation to update publicly any forward-looking information or
statement, objectives or trends contained in this document whether
as a result of new information, future events or otherwise.
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TotalMike SANGSTERNicolas FUMEXKim HOUSEGORomain
RICHEMONTTel. : + 44 (0)207 719 7962Fax : + 44 (0)207 719
7959orRobert HAMMOND (U.S.)Tel. : +1 713-483-5070Fax : +1
713-483-5629
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