Trident Energy, an independent oil and gas company focused on redeveloping mid-life assets, has entered into a strategic agreement with Chevron Corporation to acquire Chevron Overseas (Congo) Limited’s stakes in key producing oil fields, marking the company’s entry into the Republic of Congo’s energy sector.
The move is bolstered by Chevron’s production figures from Congo, which stood at 28,000 barrels of oil per day (bopd) in 2023, making up 1.9% of its total net crude oil production, along with 9 MMscf/d of gas. This production has been consistent with the 2022 output, but down from 36,000 bopd in 2021, as detailed in Chevron’s 2023 annual report.
By acquiring Chevron’s Congo subsidiary, Trident Energy gains a 31.5% non-operated interest in the Moho-Bilondo, Nkossa, and Nsoko II fields, and a 15.75% operated interest in the Lianzi field at the maritime border with Angola.
Further transactions with TotalEnergies will see Trident Energy acquire an additional 53.5% working interest and operatorship in the Nkossa and Nsoko II fields and divesting a 10% stake in the Moho-Bilondo field back to TotalEnergies.
Upon completion, Trident Energy will operate the Nkossa, Nsoko II and Lianzi fields and maintain a 21.5% working interest in the Moho-Bilondo complex, with TotalEnergies remaining as the operator.
“We are delighted to announce the signing of these transactions and enter the Republic of Congo,” Chief Executive of Trident Energy ML, Jean-Michel Jacoulot, said in a company statement on Wednesday.
“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 completion of the transaction is subject to regulatory approval and is anticipated by the end of the fourth quarter of 2024. Trident Energy’s entry into the Republic of Congo is expected to strengthen its presence in Africa, building on its successes in Equatorial Guinea where it is set to resume drilling on its producing Ceiba-Okume complex in the middle of this year.
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By acquiring Chevron’s Congo subsidiary, Trident Energy gains a 31.5% non-operated interest in the Moho-Bilondo, Nkossa, and Nsoko II fields, and a 15.75% operated interest in the Lianzi field at the maritime border with Angola.
Further transactions with TotalEnergies will see Trident Energy acquire an additional 53.5% working interest and operatorship in the Nkossa and Nsoko II fields and divesting a 10% stake in the Moho-Bilondo field back to TotalEnergies.
Upon completion, Trident Energy will operate the Nkossa, Nsoko II and Lianzi fields and maintain a 21.5% working interest in the Moho-Bilondo complex, with TotalEnergies remaining as the operator.
“We are delighted to announce the signing of these transactions and enter the Republic of Congo,” Chief Executive of Trident Energy ML, Jean-Michel Jacoulot, said in a company statement on Wednesday.
“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 completion of the transaction is subject to regulatory approval and is anticipated by the end of the fourth quarter of 2024. Trident Energy’s entry into the Republic of Congo is expected to strengthen its presence in Africa, building on its successes in Equatorial Guinea where it is set to resume drilling on its producing Ceiba-Okume complex in the middle of this year.
For more industry news and the latest reports sign up to our monthly newsletter:
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