TotalEnergies closes sale of its Cap Lopez Terminal and assets in Gabon

The French group’s subsidiary will divest its assets to refocus on operated offshore terminals in the Anguille and Torpille sectors.

Total Energies has announced the closing of its agreement to divest the company’s Cap Lopez Terminal and non-operated assets of its 58%-owned TotalEnergies EP Gabon to Perenco Oil and Gas Gabon. The deal was formalised after the Gabonese authorities gave their approval, one year later after its original announcement.

"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.

Details of the deal

The French group’s subsidiary first announced its decision in July of last year. Now, with an amount of $350 million before the final adjustment, TotalEnergies EP Gabon will divest its interests in seven mature offshore fields operated by Perenco Oil and Gas Gabon. The seven Perenco-operated fields include Grondin, Gonelle, Barbier, Mandaros, Girelle, Pageau and Hylia. Before the transaction, the company held 65.275% of interests in the Mandaros - Grondin and Girelle - Torpille fields.

The agreement also includes the interests and operatorship of the Cap Lopez oil terminal. The whole production of the assets stood at 8,400 barrels of oil equivalent per day during the first three quarters of 2021.

The history of TotalEnergies in Gabon

TotalEnergies has accumulated more than 90 years of experience in the country, after establishing its first operation in 1928. According to the firm’s website, it has been a major player in the nation’s upstream and downstream businesses. Its projects in the country also include leading environmental and community outreach initiatives to promote local economic development, health and medical research, infrastructure, education and training.

Nowadays, the oil sector represents more than 60% of the GDP of Gabon and is amongst the most important Sub-Saharan hydrocarbon producers, with Total as a prime contributor in discovering more than 80% of initial hydrocarbon reserves in the territory. Total Gabon became the second oil and gas producer of the country, operating 23% of current national production and 19 licenses, with production activities on the Anguille, Torpille and Grondin fields. In 2015, their production reached an average Group share of 59 kilos/barrel of oil equivalents per day.