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Total divests assets in Brunei, Sierra Leone and Liberia
Total is to divest several non-core assets in both E&P (Brunei) and its Marketing & Services divisions (Sierra Leone and Liberia) in line with plans to divest $5bn over 2019–2020. The divestments represent a global value of more than $400mn.
The company has sold to Shell its wholly owned subsidiary Total E&P Deep Offshore Borneo, which holds an 86.95% interest in block CA1, offshore Brunei. Total was the operator of the block, alongside partners Murphy Oil (8.05%) and Petronas (5%). The block produced 5,000 boed/ net to Total in 2019.
Total has also signed an agreement to sell its marketing and services businesses in Liberia and Sierra Leone to Conex Oil & Gas Holdings, a regional player in petroleum products import, 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.
News Item details
Journal title: Petroleum Review
Countries: Brunei - West Africa - Sierra Leone -
Subjects: Retail and marketing, Exploration and production, Business management
