TOTAL: Total Keeps the Pace of Divestments With Asset Sales in Brunei, Sierra Leone and Liberia
07 Abril 2020 - 01:29AM
UK Regulatory
TIDMTTA
In line with its strategy of actively managing its asset
portfolio and its objective to divest 5 B$ on years 2019-2020,
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) is pursuing the divestments
of several non-core assets in both Exploration-Production (Brunei)
and Marketing & Services (Sierra Leone and Liberia). These
divestments represent a global value of more than 400 million US
Dollars.
Brunei - Sale of Interest in Offshore Block
Following the approval of the competent authorities, Total has
closed the sale to Shell(1) of its wholly owned subsidiary Total
E&P Deep Offshore Borneo BV, which holds an 86.95% interest in
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 kboe/d net to Total in 2019.
Sierra Leone and Liberia - Sale of Marketing & Services
Businesses
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.
"These sales will contribute to Total's ongoing divestment
program and demonstrate our ability to relentlessly highgrade our
portfolio" commented 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.."
* * * * *
About Total
Total is a major energy player, which produces and markets
fuels, natural gas and low-carbon electricity. Our 100,000
employees are committed to better energy that is safer, more
affordable, cleaner and accessible to as many people as possible.
Active in more than 130 countries, our ambition is to become the
responsible energy major.
Total Contacts
Media Relations: +33 1 47 44 46 99 l presse@total.com l
@TotalPress
Investor Relations: +44 (0)207 719 7962 l ir@total.com
Cautionary note
This press release, from which no legal consequences may be
drawn, is for information purposes only. The entities in which
TOTAL S.A. directly or indirectly owns investments are separate
legal entities. TOTAL S.A. has no liability for their acts or
omissions. In this document, the terms "Total", "Total Group" and
Group are sometimes used for convenience. Likewise, the words "we",
"us" and "our" may also be used to refer to subsidiaries in general
or to those who work for them.
This document may contain forward-looking information and
statements that are based on a number of economic data and
assumptions made in a given economic, competitive and regulatory
environment. They may prove to be inaccurate in the future and are
subject to a number of risk factors. Neither TOTAL S.A. nor any of
its subsidiaries assumes any obligation to update publicly any
forward-looking information or statement, objectives or trends
contained in this document whether as a result of new information,
future events or otherwise.
(1) Dordtsche Petroleum Maatschappij BV
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CONTACT:
Total
SOURCE: TOTAL
Copyright Business Wire 2020
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April 07, 2020 02:29 ET (06:29 GMT)
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