Total informed it has completed the divestment of its stake in onshore Oil Mining Lease (OML) 29 to Aiteo Eastern E&P, a Nigerian company, for $569 million.
Together with the recently completed divestments of OML 24 and OML 18, Total’s share of sale proceeds from these three onshore Nigerian blocks amounts to over $1 billion, the company said in a statement.
Patrick de La Chevardière, Chief Financial Officer at Total said “These transactions 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% stake in several onshore blocks in Nigeria via the Shell Petroleum Development Company Joint Venture alongside the Nigerian National Petroleum Corporation (55%), SPDC (30%, operator) and Nigerian Agip Oil Company (5%).
Total has a 15% interest in Nigeria LNG, which operates six LNG liquefaction trains on Bonny Island with a capacity of 21.9 million metric tons per year.
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Image: Total