France’s Total has sold a Gabon focused affiliate and several mature fields in Gabon for $350 million.
Total said on Monday that it signed an agreement for the sale of stakes and the transfer of operatorship in various mature assets in Gabon to Perenco, an Anglo-French oil and gas company.
The transaction is subject to approval by the authorities.
The agreement includes the sale of Total’s 100 percent owned affiliate Total Participations Petrolières Gabon, that holds interests in 10 fields.
Total Gabon also 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.
The production divested by Total related to the transaction represents around 13,000 SEC barrels per day.
Following completion of the transaction, Total’s remaining upstream assets in Gabon will be held entirely through Total Gabon.
“Total remains committed to Gabon and will focus on maximizing value from its principle strategic operated assets,” Total Exploration & Production president Arnaud Breuillac said.