LONDON: TotalEnergies EP Congo, an 85% subsidiary of TotalEnergies, has inked a deal with Trident Energy to adjust its stakes in multiple offshore licenses. The agreement entails TotalEnergies EP Congo acquiring an additional 10% interest in the Moho deep-offshore field, while selling its 53.5% stake in the mature Nkossa and Nsoko II fields to Trident Energy.
The Moho field, situated 80 kilometers off Pointe Noire, has seen a significant boost in production since the commencement of the Moho Nord project in 2017, with two Floating Production Units churning out approximately 100,000 barrels of oil equivalent per day (kboe/d).
Conversely, the Nkossa and Nsoko II fields, located 70 kilometers offshore, are established oil fields initiated in 1996 and 2006, respectively, currently producing a combined 15 kboe/d.
Post-transaction, which awaits regulatory nods and the finalization of Trident Energy’s acquisition of Chevron Congo, TotalEnergies EP Congo will command a 63.5% operated interest in Moho, alongside partners Trident Energy (21.5%) and the Société Nationale des Pétroles du Congo (SNPC, 15%). Trident Energy is set to assume an 85% operated interest in Nkossa and Nsoko II, with SNPC retaining the remaining 15%.
“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.”