Total To Sell Stakes In Mature Assets In Gabon In $350 Mln Deal- Quick Facts

(RTTNews) - Total SA (TOT, TTA.L) Monday said it has signed an agreement for the sale of stakes and the transfer of operatorship in various mature assets in Gabon to Perenco. The total value of the transactions is around $350 million before adjustments. The production divested by Total represents around 13,000 SEC barrels per day or b/d.

The transaction is subject to approval by the authorities.

This agreement includes the sale of the company's 100%-owned affiliate Total Participations Petrolières Gabon, which holds interests in 10 fields. In addition, Total Gabon has announced the sale of its interests in five fields and the Rabi-Coucal-Cap Lopez pipeline network.

Arnaud Breuillac, President of Total Exploration & Production, said, "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."

Following completion of the transaction, the Group's remaining upstream assets in Gabon will be held entirely through Total Gabon.