Total has sold non-core assets in exploration and production (E&P) in Brunei and marketing and services in Sierra Leone and Liberia for more than US$400m. In Brunei, Total has sold to Shell Total E&P Deep Offshore Borneo, which holds an 86.95% interest in Block CA1. Total was the operator of the block, together with Murphy Oil (8.05%) and Petronas (5%). The block net output to Total reached 5 kboe/d in 2019. Total also agreed to sell its downstream network of 63 service stations, general trade fuel sales and petroleum products import and storage operations in Sierra Leone and Liberia to Liberia-based Comex Oil & Gas, which opened in April 2019 a 10,000 bbl/d modular refinery in Monrovia. The two transactions are expected to close in the second quarter of 2020. Total intends to divest US$5bn over the 2019-2020 period.
Meanwhile, Total has invested INR37.1bn (US$487m) in its renewable power joint-venture with Adani Green Energy Limited (AGEL). In February 2020, Total and AGEL agreed to create a 50-50 joint venture, which will take over AGEL’ solar projects in operation, corresponding to a total capacity of over 2 GW across 11 Indian states; all the solar projects benefit from 25-year power purchase agreements (PPAs) with national and regional electricity distributors.