TotalEnergies, the French oil and gas giant, has announced the completion of a $350 million deal to sell its portfolio of seven mature, non-operated assets offshore Gabon, including the Cap Lopez oil terminal, to Perenco, an independent oil and gas company.

Following the Gabonese government’s approval, the deal was finalised, and the oil company will divest the non-operated assets of its 58% owned subsidiary, TotalEnergies EP Gabon. The decision was made so that the company could spend its efforts on operating terminals in the offshore fields of Anguille and Torpille in Gabon.

Henri-Max Ndong-Nzue, President of TotalEnergies EP Gabon, said: “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.”

TotalEnergies will divest the Grondin, Gonelle, Barbier, Mandaros, Girelle, Pageau, and Hylia fields, as well as its 100% share and operatorship in the Cap Lopez terminal, which produced 8,400 barrels of oil equivalent per day in the first three quarters of 2021.