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 wish to concentrate on deep-water fields away from the difficulties of operating in close proximity with native communities.
The firm is selling its curiosity in 13 onshore fields and three in shallow water, producing over 20,000 barrels of oil equal per day. The sale consists of infrastructure corresponding to three,500 km of pipelines connecting to 2 key crude export terminals, Bonny and Forcados. They will maintain OMLs(oil mining licences) 23 and 28 and its interest within the associated gasoline pipeline network that feeds Nigeria LNG.
Shift to deep-water fields
“Disruption of local communities are sources of great concern in the nation. pressure gauge ด้าน ดูด have appointed Canada’s Scotiabank to steer the sale because the financial adviser to the transaction,” stated Patrick Pouyanne, TotalEnergies chief executive.
TotalEnergies is the latest 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 companies are leaving Nigeria and shifting their portfolios to the place they will add value to the journey in the direction of carbon net-zero dedication.
Last 12 months, Royal Dutch Shell introduced its plan to dump onshore Nigerian oil property in a bid to maneuver to cleaner power. It mentioned it was discussing with the federal government to sell its onshore oil belongings in the nation.
Also, Seplat Energy in February introduced it had entered into a contract with ExxonMobil, to purchase Mobil Producing Nigeria Unlimited’s entire oil property in Nigeria. That consists of all of Exxon’s complete shallow water assets in the Niger Delta.

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