TotalEnergies to exit Nigerian offshore oil business

today02/09/2024 2

share close

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.
It is on record 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.

Written by: bossgmsi

Rate it

Previous post


Four Dead in Clashes Over Mosque Demolition

Four people have died in violence in a Northern Indian State after authorities demolished a mosque, alleging it was constructed illegally. Violence broke out in Uttarakhand's Haldwani town during what police say was an "anti-encroachment drive". Authorities said the drive was launched to clear illegal constructions, including the mosque and an adjoining madrassa which is a religious school but Muslims who prayed at the mosque said they have been unfairly […]

today02/09/2024 4

Post comments (0)

Leave a reply

Your email address will not be published. Required fields are marked *

Our customer support team is here to answer your questions.
error: Alert: Content is protected !!