TotalEnergies is Looking to Exit Nigeria’s Onshore Partnerships

TotalEnergies is Looking to Exit Nigeria’s Onshore Partnerships

TotalEnergies has announced that it will sell its minority investment in a Nigerian onshore oil-producing partnership. This will be the most recent divestiture of Nigerian oil assets by a global corporation.

The corporation is aiming to sell its 10% stake in a Nigerian company with 20 onshore and shallow water licences.

Shell, which is also looking to sell Nigerian assets, is in charge of the licences. Shell’s 30 percent interest in the joint venture has already prompted four Nigerian businesses to submit proposals.

ExxonMobil agreed earlier this year to sell its ownership investment in Mobil Producing Nigeria Unlimited to Nigerian business Seplat Energy for at least $1.28 billion, in addition to Shell and TotalEnergies. ExxonMobil’s shallow-water subsidiary is included in the deal, but its deepwater assets are kept.

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Nigerian National Petroleum Co., which has the largest ownership in the joint venture, and Eni SpA, which has yet to declare if it wants to sell its position, are the other shareholders.

International companies want to concentrate on deep-water areas to avoid the problems of working near local residents. In Nigeria, TotalEnergies also has four other onshore and shallow water licences.

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