TotalEnergies Sells Gabon Terminal, Offshore Fields to Perenco for $350M

(OE) French oil major TotalEnergies has completed the sale of the Cap Lopez Terminal and non-operated offshore field in Gabon to Perenco.

“After receiving the approval of  Gabonese authorities, TotalEnergies announces the closing of its agreement to divest to Perenco Oil and Gas Gabon the Cap Lopez Terminal and non-operated assets of its 58%-owned affiliate TotalEnergies EP Gabon,” TotalEnergies said Thursday.

With the transaction valued at $350 million before final adjustment, TotalEnergies EP Gabon is divesting its interests in seven mature offshore fields operated by Perenco Oil and Gas Gabon, along with its interests and operatorship in the Cap Lopez oil terminal, to Perenco Oil and Gas Gabon. The divested assets’ production stood at  8,400  barrels of oil equivalent per day for the first three quarters of 2021.  

“This transaction is aligned with TotalEnergies’ strategy to enhance its portfolio by divesting mature, high break-even fields. TotalEnergies EP Gabon is refocusing on its operated offshore  assets  in  the  Anguille  and  Torpille  sectors  and  remains  a  committed  oil  industry  player  in 
Gabon,” said Henri-Max Ndong-Nzue, President of TotalEnergies EP Gabon.  

The sale and purchase agreement was first announced back in July 2020.