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 three method partnership. According to spmk700 , they want to give consideration to deep-water fields away from the difficulties of working in shut proximity with local communities.
The company is selling its interest in thirteen onshore fields and three 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 gasoline pipeline community 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 guide the sale as the financial adviser to the transaction,” mentioned Patrick Pouyanne, TotalEnergies chief executive.
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 stated International oil companies are leaving Nigeria and shifting their portfolios to where they’ll add value to the journey in direction of carbon net-zero commitment.
Last 12 months, Royal Dutch Shell announced its plan to offload onshore Nigerian oil assets in a bid to move to cleaner energy. It mentioned it was discussing with the federal government to promote its onshore oil assets in the nation.
Also, Seplat Energy in February announced it had entered into a contract with ExxonMobil, to purchase Mobil Producing Nigeria Unlimited’s complete oil property in Nigeria. That includes all of Exxon’s whole shallow water assets in the Niger Delta.
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