Total Earns $1Bn From Divestment In Nigeria

Yemisi Izuora

Total has raked in about $1 billion from divested exploration assets in Nigeria.

The company also said it has completed divestment of its stake in onshore Oil Mining Lease (OML) 29 to Aiteo Eastern E&P, a Nigerian company, for $569m

Total had recently divested its interests in OML 24 and OML 18.

Since 2010, Total has divested its interests in eleven onshore blocks to Nigerian companies, in line with the Federal Government of Nigeria’s aim of developing Nigerian companies in the sector.

Together with the recently completed divestments of OML 24 and OML 18, Total’s share of sale proceeds from these three onshore Nigerian blocks amounted to over $1bn.

“The sale of these non-operated onshore blocks in Nigeria is yet another example of our strategy of dynamic portfolio management, achieved at attractive valuations,” said Patrick de La Chevardière, chief financial officer at Total.

“These transactions also reduce our exposure to non-operated blocks onshore Nigeria, and allow us to focus on our core, operated developments, such as the Egina project.”

Total holds a 10 per cent stake in several onshore blocks in Nigeria via the Shell Petroleum Development Company (SPDC) Joint Venture alongside the Nigerian National Petroleum Corporation (55 per cent), SPDC (30 per cent, operator) and Nigerian Agip Oil Company Limited (5 per cent).

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