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 want to give attention to deep-water fields away from the difficulties of operating in shut proximity with local communities.
The firm is selling its curiosity in 13 onshore fields and 3 in shallow water, producing over 20,000 barrels of oil equal per day. The sale consists of infrastructure similar to three,500 km of pipelines connecting to 2 key crude export terminals, Bonny and Forcados. They will keep OMLs(oil mining licences) 23 and 28 and its curiosity within the associated fuel pipeline community that feeds Nigeria LNG.
Shift to deep-water fields
“Disruption of local communities are sources of great concern within the country. We have appointed Canada’s Scotiabank to lead the sale because the monetary adviser to the transaction,” said Patrick Pouyanne, TotalEnergies chief government.
TotalEnergies is the most recent multinational to give up 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 where they will add value to the journey in the course of carbon net-zero commitment.
Last 12 months, Royal Dutch Shell introduced its plan to dump onshore Nigerian oil assets in a bid to move to cleaner vitality. Nest egg mentioned it was discussing with the federal authorities to sell its onshore oil belongings within the nation.
Also, Seplat Energy in February announced it had entered right into a contract with ExxonMobil, to purchase Mobil Producing Nigeria Unlimited’s complete oil belongings in Nigeria. That contains all of Exxon’s whole shallow water property within the Niger Delta.
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