TotalEnergies, Trident sign deepwater Congo Field transactions

April 24, 2024

Trident Energy has agreed to transfer to TotalEnergies EP Congo an additional 10% interest in the Moho license offshore Republic of Congo.

Related To: TotalEnergies

Offshore staff

PARIS, France — Trident Energy has agreed to transfer to TotalEnergies EP Congo an additional 10% interest in the Moho license offshore Republic of Congo.

In exchange, Trident will receive TotalEnergies’ 53.5% stake in the offshore Nkossa and Nsoko II licenses.

The deepwater Moho Field lies 80 km from the coast of Pointe Noire. TotalEnergies increased production in 2017 through the startup of the Moho Nord project; the facilities include the Alima and Likouf FPUs, with a combined production of about 100,000 boe/d.

The company brought onstream the Nkossa and Nsoko II fields, 70 km offshore, in 1996 and 2006, respectively. Their combined output is currently 15,000 boe/d.

Subject to regulatory approvals and to Trident completing a separate deal for Chevron Congo, TotalEnergies EP Congo will have a 63.5% operated interest in the Moho license, with Trident Energy holding 21.5% and Société Nationale des Pétroles du Congo (SNPC) holding 15%.

Trident Energy will have an 85% operated interest in the Nkossa and Nsoko II licenses, the remaining 15% held by SNPC.

Mike Sangster, TotalEnergies' senior vice president of Africa exploration and production, said his company “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."

Under the transaction with Chevron, Trident will acquire the entire issued share capital of Chevron Overseas (Congo). Aside from Chevron’s present 31.5% share in the Moho-Bilondo, Nkossa and Nsoko II fields, the company will also gain a 15.75% operated interest in the Lianzi Field.

Trident expects all transfers to go through by the end of this year. Chief executive Jean-Michel Jacoulot said, “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.”

04.24.2024