Total sells assets in Brunei, Sierra Leone, Liberia

France’s Total said it has moved ahead with selling US$400 million worth of noncore assets in exploration-production in Brunei as well as marketing and services in Sierra Leone and Liberia as part of its divestment plans.

These asset sales are part of Total’s strategy to actively manage its portfolio to divest US$5 billion during 2019 and 2020, the energy major said.  

In Brunei, Total has closed the sale to Shell of its wholly owned subsidiary Total E&P Deep Offshore Borneo BV, which holds an 86.95% interest in offshore Block CA1. Total was the operator of the block, alongside partners Murphy Oil (8.05%) and Petronas (5%) and the production of this block was 5,000 boe/d net to Total in 2019.

In Sierra Leone and Liberia, Total has signed an agreement to sell its marketing and services businesses in Liberia and Sierra Leone to Conex Oil & Gas Holdings Ltd., 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.

The sale of these two affiliates is expected to be completed in the second quarter of 2020, Total said.

“These sales will contribute to Total’s ongoing divestment program and demonstrate our ability to relentlessly high-grade our portfolio,” said Jean-Pierre Sbraire, chief financial officer of Total. “In the current context of low oil prices, these transactions support the action plan announced to weather the crisis.”