TotalEnergies EP Gabon's Shares Fall After Military Declares Coup

By Giulia Petroni

Shares in TotalEnergies EP Gabon fell Wednesday after military officers declared a coup in the central African nation of Gabon following President Ali Bongo's win in the elections.

At 0949 GMT, the stock was down 10% lower at EUR166.00.

A group of officers in country--a member of the Organization of the Petroleum Exporting Countries--said they had seized control of the government on a national television channel shortly after Bongo, whose family has ruled the country since 1967, was declared the winner of Saturday's presidential elections.

The subsidiary of French major TotalEnergies has been active in the central African country for more than 90 years, with oil-and-gas exploration and production activities and as a leading retailer. Crude-oil production from fields operated by the TotalEnergies EP Gabon was 5.8 million barrels in 2022.

TotalEnergies wasn't immediately available for comment when contacted by Dow Jones Newswires.

The French company has a 58.28% share in TotalEnergies EP Gabon, while the Gabonese state holds a 25% stake.

French-listed oil company Maurel & Prom and miner Eramet are among other companies with operations in the country. Their shares slump 19% and 18%, respectively, on Wednesday after Gabon officers claimed they had seized power.

Maurel & Prom's share of oil production from Gabon was 15,779 barrels a day in the first half of 2023, roughly 58% of total production.

Eramet, whose local subsidiary in Gabon extracts manganese ore from the Moanda mine, said earlier on Wednesday that it has halted all operations and rail traffic in the country.

Write to Giulia Petroni at [e-mail]

(END) Dow Jones Newswires

August 30, 2023 06:19 ET (10:19 GMT)

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