Total sells Usan interest to Sinopec

Offshore staff

PARIS – Total has agreed to sell its 20% contractor interest in Nigeria’s Usan field on OML 138 offshore block to China Petrochemical Corp. for $2.5 billion.

The Nigerian National Petroleum Corp. is the OML 138 concession holder. Other partners include Chevron Petroleum Nigeria Ltd. (30%), Esso E&P Nigeria (Offshore East) Ltd. (30%), and Nexen Petroleum Nigeria Ltd. (20%).

The agreement is subject to Nigerian approvals.

“This sale of an asset operated from a minority position will allow us to focus our resources on the material growth opportunities in Total’s portfolio” said Yves-Louis Darricarrère, president Upstream at Total.

11/20/2012


 

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...