TotalEnergies launches sale of stake in Nigerian Joint Venture

French oil main TotalEnergies has launched a sale of its minority stake in a Nigerian oil joint venture. According to the agency, they wish to concentrate on deep-water fields away from the difficulties of operating in shut proximity with local communities.
The company is selling its curiosity in 13 onshore fields and 3 in shallow water, producing over 20,000 barrels of oil equivalent per day. The sale includes infrastructure such as three,500 km of pipelines connecting to 2 key crude export terminals, Bonny and Forcados. They will hold OMLs(oil mining licences) 23 and 28 and its interest within the related gas pipeline network that feeds Nigeria LNG.
Shift to deep-water fields
“Disruption of native communities are sources of great concern in the nation. We have appointed Canada’s Scotiabank to steer the sale because the monetary adviser to the transaction,” mentioned Patrick Pouyanne, TotalEnergies chief govt.
Guilt-free is the latest 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 mentioned International oil companies are leaving Nigeria and shifting their portfolios to the place they’ll add worth to the journey towards carbon net-zero commitment.
Last 12 months, Royal Dutch Shell introduced its plan to offload onshore Nigerian oil property in a bid to maneuver to cleaner energy. It mentioned it was discussing with the federal government to sell its onshore oil assets in the nation.
Also, Seplat Energy in February introduced it had entered into a contract with ExxonMobil, to buy Mobil Producing Nigeria Unlimited’s complete oil belongings in Nigeria. That includes all of Exxon’s whole shallow water belongings in the Niger Delta.
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