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

The deal was formalized following approval from Gabonese authorities and will see the oil major divest the non-operated assets of its 58%-owned subsidiary, TotalEnergies EP Gabon. The move was made so that the company can refocus its efforts towards operating terminals in the Anguille and Torpille fields, offshore Gabon.

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

First announced in July 2020, the agreement will see the divestment of the Grondin, Gonelle, Barbier, Mandaros, Girelle, Pageau, and Hylia fields by TotalEnergies, and includes the transfer of its 100% stake and operatorship in the Cap Lopez terminal, where production stood at 8,400 barrels of oil equivalent per day during the first three quarters of 2021.