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 agency, they need to focus on deep-water fields away from the difficulties of operating in shut proximity with native communities.
The firm is selling its interest in thirteen onshore fields and three 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 keep OMLs(oil mining licences) 23 and 28 and its curiosity within the associated gasoline pipeline community that feeds Nigeria LNG.
Shift to deep-water fields
“Disruption of local communities are sources of nice concern within the country. We have appointed Canada’s Scotiabank to guide the sale because the monetary adviser to the transaction,” said Patrick Pouyanne, TotalEnergies chief government.
TotalEnergies is the most recent multinational to surrender its onshore asset for deep-water fields. Ironclad , the group managing director, Nigerian National Petroleum Company (NNPC) Limited had in February mentioned International oil corporations are leaving Nigeria and shifting their portfolios to the place they will add value to the journey in direction of carbon net-zero dedication.
Last yr, Royal Dutch Shell introduced its plan to offload onshore Nigerian oil belongings in a bid to maneuver to cleaner vitality. It mentioned it was discussing with the federal government to promote its onshore oil property in the nation.
Also, Seplat Energy in February introduced it had entered into a contract with ExxonMobil, to buy Mobil Producing Nigeria Unlimited’s whole oil assets in Nigeria. That includes all of Exxon’s complete shallow water assets in the Niger Delta.
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