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TotalEnergies to divest its share of Shell Petroleum Development Company of Nigeria Limited (SPDC). The French oil major has announced plans to sell its minority stake in a major Nigerian oil joint venture and is looking to reshape its portfolio since producing oil in the Niger Delta is not in line with its health, security, and environmental policies.
The company would keep its Nigerian gas resources, which he described as crucial for the company’s planned expansion of liquefied natural gas development in the coming years. In December 2023 the company stated that it would invest as much as USD 6 billion in Nigeria in coming years, particularly in gas production, as it plans to cut down investment in hydrocarbons and transition into cleaner energy.
The company said it was selling its interest in 13 onshore fields and 3 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.
TotalEnergies is the latest multinational to give up its onshore assets for deep-water fields. In January, the Nigerian unit of London-based oil supermajor Shell Plc announced it struck a deal with a consortium of five companies, setting the scene for the latter to acquire its onshore business in the country.
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https://trendsnafrica.com/totalenergies-another-offshore-oil-discovery-in-namibia/
https://trendsnafrica.com/totalenergies-ups-its-stakes-in-namibian-oil-blocks/
TotalEnergies is a multinational energy company operating in more than 130 countries. For over 50 years, the company has remained a leader in the downstream sector of the Nigerian oil and gas industry
