Total Sells Stakes in Gabon Oil Fields to Perenco for $350 Million
February 27 2017 - 2:48AM
Dow Jones News
By Inti Landauro
PARIS--French oil major Total SA (TOT) Monday said it has signed
an agreement to sell stakes in mature oil fields in Gabon to
smaller rival Perenco in transactions worth $350 million.
Total will sell its entire unit Total Participations Petrolieres
Gabon, which holds stakes in 10 fields in the African country, and
will also sell stakes in five fields and the Rabi-Coucal-Cap Lopez
pipeline, the French firm said.
The assets to be sold by Total represent production of about
13,000 barrels of oil a day.
Like its rivals in the U.S. and Europe, Total has spent much of
the past three years rearranging its assets to adjust to the oil
price collapse.
Write to Inti Landauro at inti.landauro@wsj.com
(END) Dow Jones Newswires
February 27, 2017 03:33 ET (08:33 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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