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 firm, they wish to concentrate on deep-water fields away from the difficulties of operating in close proximity with native communities.
The firm is promoting its curiosity in thirteen onshore fields and 3 in shallow water, producing over 20,000 barrels of oil equivalent per day. The sale consists of infrastructure corresponding to three,500 km of pipelines connecting to 2 key crude export terminals, Bonny and Forcados. pressure gauge 10 bar will maintain OMLs(oil mining licences) 23 and 28 and its curiosity within the associated gas pipeline community that feeds Nigeria LNG.
Shift to deep-water fields

“Disruption of local communities are sources of great concern within the country. We have appointed Canada’s Scotiabank to guide the sale as the financial adviser to the transaction,” stated Patrick Pouyanne, TotalEnergies chief govt.
TotalEnergies is the newest multinational to surrender 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 where they can add worth to the journey in the course of carbon net-zero commitment.
Last year, Royal Dutch Shell introduced its plan to dump onshore Nigerian oil belongings in a bid to move to cleaner energy. It stated it was discussing with the federal authorities to promote its onshore oil belongings within the nation.
Also, Seplat Energy in February announced it had entered right into a contract with ExxonMobil, to purchase Mobil Producing Nigeria Unlimited’s whole oil property in Nigeria. That contains all of Exxon’s whole shallow water property within the Niger Delta.
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