CEM REPORT | TotalEnergies SE, has advanced the Sale of its Stake in the Nigerian Petroleum Industry.
The French Firm has launched the sale of its 10% stake in Nigerian joint venture SPDC and appointed Canada’s Scotiabank to lead the sale as financial adviser, Reuters have reported citing a sale document tendering for interest.
Reuters said TotalEnergies confirmed it was selling its interest in 13 onshore fields and three in shallow water, producing over 20,000 barrels of oil equivalent per day. The sale includes infrastructure such as 3,500 km of pipelines connecting to two key crude export terminals, Bonny and Forcados.
The French company will keep OMLs (oil mining licences) 23 and 28 and its interest in the associated gas pipeline network that feeds Nigeria LNG.
The chaotic nature in which the Nigerian petroleum industry has been operated caused by sabotage, oil theft and hostilities has led to roll of divestment announcements by major oil companies.
Shell sale of interest is currently stalled by court case preventing it to advance the deal. ExxonMobil, several months ago, has also announced plans to divest from their Nigerian oil assets.