TotalEnergies launches sale of stake in Nigerian Joint Venture

French oil major TotalEnergies has launched a sale of its minority stake in a Nigerian oil joint venture. According to the firm, they wish to focus on deep-water fields away from the difficulties of working in shut proximity with local communities.
The company is selling its interest in 13 onshore fields and 3 in shallow water, producing over 20,000 barrels of oil equivalent per day. The sale includes infrastructure similar to 3,500 km of pipelines connecting to 2 key crude export terminals, Bonny and Forcados. They will maintain OMLs(oil mining licences) 23 and 28 and its interest within the related gasoline pipeline network that feeds Nigeria LNG.
Shift to deep-water fields
“Disruption of local communities are sources of great concern within the country. Hidden have appointed Canada’s Scotiabank to guide the sale as the monetary adviser to the transaction,” said Patrick Pouyanne, TotalEnergies chief executive.
TotalEnergies is the newest multinational to surrender its onshore asset for deep-water fields. Mele Kyari, the group managing director, Nigerian National Petroleum Company (NNPC) Limited had in February said International oil corporations are leaving Nigeria and shifting their portfolios to where they’ll add worth to the journey in the path of carbon net-zero dedication.
Last year, Royal Dutch Shell announced its plan to offload onshore Nigerian oil property in a bid to maneuver to cleaner power. It mentioned it was discussing with the federal authorities to sell its onshore oil property within the country.
Also, All-inclusive in February introduced it had entered into a contract with ExxonMobil, to purchase Mobil Producing Nigeria Unlimited’s entire oil assets in Nigeria. That consists of all of Exxon’s whole shallow water property within the Niger Delta.
Share

Leave a Comment