TotalEnergies reorganizes its oil interests in Congo
TotalEnergies EP Congo, an 85%-owned subsidiary of TotalEnergies, recently modified its shareholding structure in several oil licenses, involving exchanges with Trident Energy.
| Countries | Congo |
|---|---|
| Companies | TotalEnergies |
| Sector | Pétrole, Gaz, Exploration production, Exploration production |
| Theme | Investissements & Transactions, Transfert d'Actifs Énergétiques |
In a recent agreement, TotalEnergies EP Congo increased its stake in the Moho license by 10% to 63.5%. In return, it sold its 53.5% interest in the Nkossa and Nsoko II fields to Trident Energy. This transaction includes Trident Energy’s acquisition of Chevron Congo’s interest.
Description of fields concerned
The Moho field, located 80 kilometers offshore Pointe Noire, is operated by TotalEnergies EP Congo. It saw a significant increase in production, reaching around 100 kboe/d, following the start-up of the Moho Nord project in 2017. The Nkossa and Nsoko II fields, located 70 kilometers from the coast, came on stream in 1996 and 2006 respectively, and are currently mature fields producing a combined 15 kboe/d.
Terms and impact of the transaction
These changes in ownership interests will only become effective once the necessary regulatory approvals have been obtained and Trident Energy has completed its acquisition of Chevron Congo. Post-transaction, Trident Energy will own 85% of the Nkossa and Nsoko II fields, with the remaining 15% held by Société Nationale des Pétroles du Congo (SNPC).
TotalEnergies’ commitment and outlook
Mike Sangster, Senior Vice President Africa, Exploration and Production at TotalEnergies, emphasized the importance of this transaction for the company’s portfolio, in line with its strategy on low-cost, low-emission assets. He reaffirmed TotalEnergies’ commitment to the Republic of Congo, planning to drill an exploration well on the Marine XX license before the summer of 2024.
The recent transactions between TotalEnergies EP Congo and Trident Energy mark a key step in the optimization of TotalEnergies’ offshore assets, strengthening their strategic positioning in the Republic of Congo.
