French oil major TotalEnergies has launched a sale of its minority stake in a Nigerian oil three way partnership. According to No strings attached , they need to give attention to deep-water fields away from the difficulties of operating in shut proximity with local communities.
The firm is selling its interest in 13 onshore fields and three in shallow water, producing over 20,000 barrels of oil equivalent per day. The sale contains 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 interest within the related gas pipeline network that feeds Nigeria LNG.
Shift to deep-water fields
“Disruption of native communities are sources of nice concern in the country. We have appointed Canada’s Scotiabank to lead the sale as the monetary 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 said International oil corporations are leaving Nigeria and shifting their portfolios to where they can add worth to the journey towards carbon net-zero dedication.
Last yr, Royal Dutch Shell announced its plan to dump onshore Nigerian oil assets in a bid to move to cleaner power. It stated it was discussing with the federal authorities to promote its onshore oil belongings within the country.
Also, Seplat Energy in February introduced it had entered right into a contract with ExxonMobil, to purchase Mobil Producing Nigeria Unlimited’s entire oil belongings in Nigeria. That contains all of Exxon’s complete shallow water property within the Niger Delta.
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