Total announces sale of assets in Sierra Leone and Liberia

French energy major Total has confirmed the sale of assets in Sierra Leone, Liberia and Brunei for a total value of over US$400 million.

In West Africa, Total signed a deal to sell its marketing and services businesses in Liberia and Sierra Leone to Conex Oil & Gas Holdings Ltd.

The divestments are in line with the company’s asset portfolio management strategy and its objective to sell $5 billion worth of assets over 2019-20.

“These sales will contribute to Total’s ongoing divestment programme and demonstrate our ability to relentlessly high-grade our portfolio” said Total chief financial officer Jean-Pierre Sbraire.

“In the current context of low oil prices, these transactions support the action plan announced to weather the crisis,” he added.

Oil prices have collapsed by up to 60% in 2020 following the largest demand drop in history due to the COVID-19 (coronavirus) outbreak and a price war between the world’s largest crude producers Russia and Saudi Arabia.

@ABNetworkOnline