TotalEnergies launches sale of stake in Nigerian Joint Venture

French oil main TotalEnergies has launched a sale of its minority stake in a Nigerian oil joint venture. According to the agency, they want to give consideration to deep-water fields away from the difficulties of working in close proximity with local communities.
The company is promoting its interest in 13 onshore fields and 3 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 in the related gas pipeline network that feeds Nigeria LNG.
Shift to deep-water fields

“Disruption of local communities are sources of great concern within the nation. We have appointed Canada’s Scotiabank to guide the sale as the financial adviser to the transaction,” stated Patrick Pouyanne, TotalEnergies chief government.
TotalEnergies is the most recent 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 firms are leaving Nigeria and shifting their portfolios to where they will add value to the journey towards carbon net-zero commitment.
digital pressure gauge , Royal Dutch Shell announced its plan to offload onshore Nigerian oil assets in a bid to move to cleaner energy. It said it was discussing with the federal authorities to sell its onshore oil property within the nation.
Also, Seplat Energy in February announced it had entered right into a contract with ExxonMobil, to buy Mobil Producing Nigeria Unlimited’s entire oil assets in Nigeria. That includes all of Exxon’s complete shallow water belongings in the Niger Delta.

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