French energy giant Total has said recently that its 58 per cent owned affiliate, Total Gabon, has signed an agreement with Perenco to divest its interests in seven mature non-operated offshore fields. The agreement also includes Total interests and operatorship in the Cap Lopez oil terminal. The final transaction approval still remains on authoritative power of Gabonese government.

 “This transaction demonstrates our ability to high-grade Total E&P’s portfolio by monetizing mature fields with high breakeven point. We remain fully committed to Gabon through our operated production clusters at Anguille-Mandji and Torpille-Baudroie-Mérou, where we continue to maximize value for all stakeholders.” Arnaud Breuillac, President Exploration & Production at Total said.

On the entire price to be paid by Perenco, Total said it will be between $290 million and $350 million, depending on future Brent prices. The production divested by Total Gabon amounted to approximately 8,000 SEC barrels of oil per day in 2019.