French oil major Total has announced that its 58%-owned affiliate Total Gabon had agreed to sell its stakes in seven oil fields off the coast of Gabon to Perenco.

The sale agreement also comprises the transfer of stakes and operatorship in the Cap Lopez oil terminal.

Total added that Perenco will pay between $290m and $350m for these assets, depending on future prices of the Brent crude.

According to Total, the transaction is subject to the approval of the Gabonese authorities.

In February 2017, Total Gabon signed an agreement to sell its interests in five mature fields and the Rabi-Coucal-Cap Lopez pipeline network to Perenco.

In a separate development, Total and its joint venture (JV) partner Apache Corp made their third oil discovery at the Kwaskwasi-1 well on Block 58 offshore Suriname.

Apache operates and owns a 50% working interest in the block while Total holds the remaining 50% interest.