TotalEnergies has announced plans to sell its minority stake in an onshore oil-producing joint venture in Nigeria. This will be the latest divestment of Nigerian oil assets by an international major.
The company is looking to offload its 10% interest in a firm that holds 20 onshore and shallow water permits in Nigeria.
The licenses are being operated by Shell, which is also looking to divest Nigerian assets. The sale of Shell’s 30% stake in the joint venture has already attracted bids from four Nigeria-based companies.
Apart from Shell and TotalEnergies, ExxonMobil also agreed earlier this year to sell its equity interest in Mobil Producing Nigeria Unlimited to Nigerian company Seplat Energy for at least $1.28 billion. The sale includes ExxonMobil’s shallow-water affiliate, while retaining its deepwater assets.
Other shareholders in the joint venture are state-owned Nigerian National Petroleum Co., which holds the majority stake, and Eni SpA, which is yet to reveal if it intends to sell its interest.
International firms aim at focusing on deep-water fields away from difficulties of operating close to local communities.
TotalEnergies also operates four other onshore and shallow water licenses in Nigeria.