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TotalEnergies to exit Nigerian offshore oil business

 

TotalEnergies has stated plans to sell its minority stake in
a significant Nigerian onshore oil joint venture, Shell Petroleum Development
Company of Nigeria Limited, SPDC.

 

The CEO of TotalEnergies, Patrick Pouyanne, disclosed this
during a presentation of the company’s financial results.

 

Pouyanne said the company, which holds 10 per cent interest
in SPDC, is looking to restructure its portfolio since producing oil in the
Niger Delta has become difficult.

 

Meanwhile, the company noted that it is retaining its
Nigerian gas assets, considering them essential for its expansion in liquefied
natural gas development over the upcoming years.

 

“We want to divest our share of SPDC, and we are looking to
reshape the portfolio.

 

“Fundamentally, it’s because producing this oil in the Niger
Delta is not in line with our [Health, Security, and Environmental] policies;
it’s a real difficulty,” it said.

 

Recall that in January this year, Shell announced a plan to
sell its 30 per cent stake in SPDC to Renaissance, a consortium of five
companies based in Nigeria and an international energy group, for up to $2.4
billion.

 

It was gathered the SPDC JV is an unincorporated joint
venture comprised of SPDC Ltd (30 per cent), the government-owned Nigerian
National Petroleum Corporation (55 per cent), Total Exploration and Production
Nigeria Ltd (10 per cent) and Nigeria Agip Oil Company Ltd (5 per cent).

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