TotalEnergies stays in Gabon for another 25 years

TotalEnergies stays in Gabon for another 25 years

TotalEnergies’ unit in Gabon has signed a new exploitation and production sharing contract with the Gabonese government, as well as a deal to extend the Establishment Agreement.

TotalEnergies (Illustration)

TotalEnergies EP Gabon has signed with the government an agreement relating to the rearrangement of certain provisions of the Establishment Agreement, the duration of which is extended until 2042.

In addition, the parties concluded a new exploitation and production sharing contract (CEPP) on the Baudroie-Mérou Marine G5-143 permit for a period of 25 years, until 2047.

“The signing of these agreements confirms our company’s desire to strengthen its partnership with the Gabonese Republic and to pursue the development of its activities in Gabon,” said Henri-Max Ndong-Nzue, President of TotalEnergies EP Gabon.

“We remain fully committed as an energy producer in Gabon. We are continuing our investments to reduce our greenhouse gas emissions, in particular by recovering associated gas, and are continuing to implement actions to support our production.”

TotalEnergies holds a 58.28 per cent stake in TotalEnergies EP Gabon, while the Gabon government owns a 25 per cent interest, and 16.72 per cent is held by the public.

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This time last year, the French energy major concluded the sale of its portfolio of mature non-operated assets located offshore Gabon to Perenco.

With this transaction, in an amount of $350 million before final adjustment, TotalEnergies EP Gabon divested 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.

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