Total divests assets in Brunei, Sierra Leone and Liberia
In line with its strategy of actively managing its asset portfolio and its objective to divest $5-billion of assets in 2019 and 2020, energy company Total is nearing completion of the sale of exploration production assets in Brunei and marketing and services assets in Sierra Leone and Liberia.
These assets are valued at more than $400-million.
Following the approval of the competent authorities, Total has closed the sale to Shell of its wholly owned subsidiary Total E&P Deep Offshore Borneo, which holds an 86.95% interest in Block CA1.
Total was previously the operator of the block, alongside partners Murphy Oil (8.05%) and Petronas (5%).
Total has also signed an agreement to sell its marketing and services business in Liberia and Sierra Leone to Conex Oil & Gas Holdings, regional players in petroleum products, distribution and supply chain management in West Africa.
It consists of a network of 63 service stations, general trade fuel sales and petroleum products import and storage operations.
The sale of these two affiliates is expected to be completed in the second quarter of this year.
“These sales will contribute to Total’s ongoing divestment programme and demonstrate our ability to relentlessly high-grade our portfolio. In the current context of low oil prices, these transactions support the action plan announced to weather the crisis,” comments Total CFO Jean-Pierre Sbraire.
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