Gabon: TotalEnergies EP Gabon Finalizes the Divestment of Interests in Non-operated Assets and the Cap Lopez Terminal

Rhea-AI Summary

TotalEnergies has finalized the sale of its interests in the Cap Lopez Terminal and non-operated assets to Perenco Oil and Gas Gabon for $350 million. This divestment involves the company's 58%-owned affiliate and includes interests in seven offshore fields with a production rate of 8,400 barrels of oil equivalent per day. The transaction aligns with TotalEnergies' strategy to divest mature, high break-even fields, allowing the company to refocus on its operated offshore assets in Gabon.

Positive

• Received $350 million from asset divestment, enhancing liquidity.
• Divesting mature, high break-even fields aligns with strategic refocus.
• Maintains commitment to Gabon oil industry with operated assets.

Negative

• None.

PORT-GENTIL, Gabon--(BUSINESS WIRE)-- Regulatory News:

After receiving the approval of Gabonese authorities, TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) 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.

With this transaction, in an amount of $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.

List of assets included in the transaction
Field - Sector	TotalEnergies EP Gabon's interest before the transaction	TotalEnergies EP Gabon's interest after the transaction
Grondin	65.275%	0%
Gonelle - Grondin
Barbier - Grondin
Mandaros - Grondin
Girelle - Torpille
Pageau - Torpille
Hylia - Torpille	37.5%
Cap Lopez oil terminal	100%

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About TotalEnergies in Gabon

TotalEnergies has been operating in Gabon for more than 90 years and is a major player in the country's upstream and downstream businesses. In 2020, TotalEnergies' SEC production in Gabon came to 27,000 barrels of oil equivalent per day.

About TotalEnergies

TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our 105,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.

@TotalEnergies | TotalEnergies | TotalEnergies | TotalEnergies

Cautionary Note

The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. TotalEnergies SE has no liability for the acts or omissions of these entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).

View source version on businesswire.com: https://www.businesswire.com/news/home/20211208006205/en/

TotalEnergies Contacts

Media Relations: +33 1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR

Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com

Source: TOTALENERGIES SE

FAQ

What is the value of TotalEnergies' divestment to Perenco Oil and Gas Gabon?

TotalEnergies divested its interests for $350 million before final adjustments.

Which assets were included in TotalEnergies' divestment?

The divestment included the Cap Lopez Terminal and interests in seven offshore fields.

What was the production rate of the divested assets?

The divested assets had a production rate of 8,400 barrels of oil equivalent per day.

What is TotalEnergies' strategy regarding the divestment?

TotalEnergies aims to divest mature, high break-even fields and refocus on operated offshore assets.