Sells stakes in 2 other Congo licenses (Il Sole 24 Ore Radiocor) - Paris, 24 Apr - The French energy group TotalEnergies said that its 85%-owned affiliate, TotalEnergies EP Congo, has signed an agreement to increase its stake in the Moho license to 63.5%.

Under the deal, TotalEnergies EP Congo will buy an additional 10% interest in the Moho license from Trident Energy while selling to Trident Energy its 53.5% interest in the Nkossa and Nsoko II licenses.

Moho is a deep-offshore field located 80 kilometers off the coast of Pointe Noire and operated by TotalEnergies EP Congo.

Production increased significantly in 2017 with the startup of the Moho Nord project. Production facilities include two floating production units producing around 100,000 barrels of oil equivalent (boe) a day.

Nkossa and Nsoko II are two offshore fields located 70 kilometers off the coast. Starting respectively in 1996 and 2006, they are mature oil fields currently producing a combined 15,000 boe daily.

After closing of the transactions, as well as the completion of Trident Energy's acquisition of Chevron Congo, TotalEnergies EP Congo will hold a 63.5% operated interest in the Moho license alongside Trident Energy (21.5%) and the Societe Nationale des Petroles du Congo (SNPC, 15%). Trident Energy will hold a 85% operated interest in the Nkossa and Nsoko II licenses alongside SNPC (15%).

No financial details were released.

'With these transactions, TotalEnergies continues to dynamically manage its portfolio. In line with our strategy, we focus on low cost, low emission assets, and leverage our deep offshore expertise', said Mike Sangster, senior vice president Africa, Exploration and Production at TotalEnergies. 'As a long-term partner of the Republic of Congo, TotalEnergies remains fully committed to the country through our increased stake and operatorship in Moho field, and is preparing for the drilling of an exploration well on the Marine XX license before summer 2024.'.

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(RADIOCOR) 24-04-24 17:15:11 (0635) 5 NNNN