Total has completed the divestment of its stake in onshore Oil Mining Lease (OML) 29 to Aiteo Eastern E&P, a Nigerian company, for $569 million. Together with the recently completed divestments of OML 24 and OML 18, Total’s share of sale proceeds from these three onshore Nigerian blocks amounts to over $1 billion.
Total CFO Patrick de La Chevardière said, “These transactions reduce our exposure to non-operated blocks onshore Nigeria, and allow us to focus on our core, operated developments, such as the Egina project.”
Total holds a 10% stake in several onshore blocks in Nigeria via the Shell Petroleum Development Co. (SPDC) joint venture, alongside the Nigerian National Petroleum Corp. (55%), SPDC (30%, operator), and Nigerian Agip Oil Co. Ltd. (5%).
Since 2010, Total has divested its interests in 11 onshore blocks to Nigerian companies, in line with the Federal Government of Nigeria’s aim of developing Nigerian companies in the sector.