Forwarded from Song of Oil and LNG
🇫🇷🇳🇬 TotalEnergies Withdraws from Africa
French energy giant TotalEnergies has announced its exit from two key oil fields in Nigeria, the continent's leading oil exporter. The fields in question are the Olo and Olo West blocks, which were being developed in collaboration with the Nigerian National Oil Company.
As reported by Agence Ecofin, TotalEnergies sold these assets to the local firm Aradel Holdings for $19.5 million.
This move is part of TotalEnergies' broader strategy of reducing its footprint in Africa. Over recent months, the company has been focusing on streamlining its management structure and optimizing its portfolio of oil and gas assets, leading to a steady decrease in investments across the continent.
In late July 2024, TotalEnergies had already divested 10% of its shares in Shell Petroleum Development Company of Nigeria Limited, effectively exiting 18 oil and gas projects in the Niger Delta.
These shifts are also driven by the Nigerian government's initiative to enhance the role of national companies in oil production, moving beyond merely collecting royalties.
#TotalEnergies #France #Nigeria
@songofoil
French energy giant TotalEnergies has announced its exit from two key oil fields in Nigeria, the continent's leading oil exporter. The fields in question are the Olo and Olo West blocks, which were being developed in collaboration with the Nigerian National Oil Company.
As reported by Agence Ecofin, TotalEnergies sold these assets to the local firm Aradel Holdings for $19.5 million.
This move is part of TotalEnergies' broader strategy of reducing its footprint in Africa. Over recent months, the company has been focusing on streamlining its management structure and optimizing its portfolio of oil and gas assets, leading to a steady decrease in investments across the continent.
In late July 2024, TotalEnergies had already divested 10% of its shares in Shell Petroleum Development Company of Nigeria Limited, effectively exiting 18 oil and gas projects in the Niger Delta.
These shifts are also driven by the Nigerian government's initiative to enhance the role of national companies in oil production, moving beyond merely collecting royalties.
#TotalEnergies #France #Nigeria
@songofoil