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.