French oil and gas major TotalEnergies has signed a deal with Trident Energy to acquire an additional 10% interest in the Moho field offshore the Republic of Congo.
The agreement also involves TotalEnergies divesting its 53.5% interest in the Nkossa and Nsoko II licences to Trident Energy.
The companies did not disclose the financial terms of the transactions.
Operated by TotalEnergies EP Congo, the Moho field is situated 80km off the coast of Pointe Noire and has seen substantial production growth since the Moho Nord project commenced in 2017.
The Moho field's production facilities consist of two floating production units, Alima and Likouf, which together have an output of around 100,000 barrels of oil equivalent per day (boepd)
Meanwhile, the Nkossa and Nsoko II licenses, located 70km from the coast, are mature oil fields that began production in 1996 and 2006, respectively, and currently yield a combined output of 15,000boepd.
Subject to customary conditions including regulatory approvals and the completion of Trident Energy's acquisition of Chevron Congo, TotalEnergies EP Congo will hold a 63.5% operated interest in the Moho licence.
This interest will be alongside Trident Energy's 21.5% and Société Nationale des Pétroles du Congo's (SNPC) 15%.
Conversely, Trident Energy will secure an 85% operated interest in the Nkossa and Nsoko II licences, with SNPC retaining the remaining 15%.
TotalEnergies senior vice-president of Africa, exploration and production 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 licence before summer 2024.”
In a separate development, TotalEnergies and Vanguard Renewables have entered an agreement to form a joint venture to develop renewable natural gas (RNG) projects in the US.
The collaboration will see the construction of ten RNG projects within the next year, boasting an annual capacity of 2.5 billion cubic feet (bcf).
The initial three projects are currently under way in Wisconsin and Virginia, each with a capacity of nearly 250 million cubic feet of RNG per year.
The partnership may extend to approximately 60 projects nationwide, potentially reaching a total capacity of 15bcf per year.
