From Chevron, the company will acquire Chevron Overseas (Congo), which has a non-operated working stake of 31.5% in the Moho-Bilondo, Nkossa, Nsoko II fields, and from TotalEnergies, Trident Energy will acquire 53.5% stake in the Nkossa and Nsoko II licences
TotalEnergies will increase its stake in the Moho licence through an asset swap deal with Trident Energy. (Credit: TotalEnergies)
Trident Energy, a UK-based firm focused on acquiring mid-life oil and gas assets, has signed two separate deals with Chevron and TotalEnergies to foray into the Republic of Congo.
From Chevron, the company will acquire Chevron Overseas (Congo), which has a non-operated working stake of 31.5% in the Moho-Bilondo, Nkossa, Nsoko II fields. Trident Energy will also gain an operated stake of 15.75% in the Lianzi oil field, which is located in the offshore area between the Republic of Congo and Angola.
The deal is expected to be wrapped up by the end of Q4 2024, subject to approval from concerned authorities.
Trident Energy will subsequently divest a 10% stake in the Moho licence to French energy major TotalEnergies. The deal is being executed with TotalEnergies EP Congo in which TotalEnergies has an ownership stake of 85%.
As part of the agreement, TotalEnergies is offloading its stake of 53.5% in the Nkossa and Nsoko II licences to Trident Energy.
After closing, TotalEnergies EP Congo will maintain a 63.5% operated interest in the Moho license. Trident Energy will have a stake of 21.5% while the Société Nationale des Pétroles du Congo (SNPC) will retain its interest of 15%.
In the Nkossa and Nsoko II licences, Trident Energy will operate with an 85% interest alongside SNPC (15%).
Trident Energy ML chief executive Jean-Michel Jacoulot said: “We are delighted to announce the signing of these transactions and enter the Republic of Congo. We look forward to working with our new partners, SNPC and the Congolese Government.
“This deal represents an exciting new chapter in Trident Energy’s growth story and strengthens our presence and capabilities in Africa. The transaction aligns with our strategy to acquire and operate high quality assets in a safe, efficient and responsible manner.”
Moho, which is also called as Moho-Bilondo, a deep-offshore field situated 80km off the coast of Pointe Noire, is operated by TotalEnergies EP Congo. Its production saw a significant uptick in 2017 following the commencement of the Moho Nord project.
The production infrastructure at the Moho field comprises two floating production units (FPUs), Alima and Likouf, which are yielding a current output of approximately 100,000 barrels of oil equivalent per day (boe/d) for TotalEnergies.
The Nkossa and Nsoko II fields, which are located 70km offshore, have been in production since 1996 and 2006, respectively. These fields, considered mature oil reserves, presently yield a combined output of 15kboe/d for TotalEnergies.
The transactions are subject to customary conditions precedent, including regulatory approvals and the completion of Trident Energy’s acquisition of Chevron Overseas (Congo).
TotalEnergies Africa, exploration and production senior vice president Mike Sangster said: “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.
“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.”