After Shell, the French oil company announces a plan to sell its onshore oil business in Nigeria

After Shell, the French oil company announces a plan to sell its onshore oil business in Nigeria

  • TotalEnergies has announced plans to withdraw from Nigeria’s onshore sector after decades of operations
  • Other international oil companies that have sold their assets in Nigeria in recent years include ExxonMobil XOM.N Eni ENI.MI and Norway’s Equinor.
  • TotalEnergies is a multinational energy company that has been a leader in the Nigerian oil and gas industry for over 50 years

legit.ng Journalist Dave Ibemeyer has more than a decade of experience covering technology, energy, stocks, investments, and economics.

French energy giant TotalEnergies appears to be following in Shell’s footsteps and has announced plans to exit the onshore oil business in Nigeria.

Onshore oil and gas refers to the extraction and production of oil and natural gas from reservoirs on land, while offshore is the development of oil fields and natural gas deposits under the ocean.

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Comprehensive oil energy business
Total Energies has put its onshore oil business up for sale, Image credit: Hybrid Images
Source: Getty Images

Total Energy to sell offshore oil business

TotalEnergies’ decision to sell comes less than a month after Shell sold its Nigerian onshore subsidiary, Shell Petroleum Development Corporation of Nigeria (SPDC), to a consortium of five companies based in Nigeria and one in Switzerland for up to £2.4bn.

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Patrick Pouyanne, CEO of TotalEnergies, who revealed the sale plans, said:

“We want to divest our stake in SPDC, and we are looking to reshape the portfolio. “Mainly because the production of this oil in the Niger Delta is not in line with our (health, security and environment) policies, it is a real difficulty. “

Buyan also noted that the company would retain its Nigerian gas resources, which he described as crucial to the planned expansion of LNG development in the coming years.

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Aggregate energy operation in nigeria

Total Energies is active in Nigeria in oil and gas exploration and production, natural gas liquefaction and retail activities.

The company’s workforce in Nigeria is estimated at more than 1,600, with approximately 540 service stations in the country.

Nigeria attracts $5 billion investment from Shell

legit.ng It was reported earlier that Shell reiterated its commitment to invest $5 billion in offshore oil investment opportunities in Nigeria.

In addition, the global group of energy and petrochemical companies pledged to spend an additional $1 billion over five to ten years to boost natural gas production for domestic supplies and exports.

According to a Reuters report, this was announced by presidential spokesman Aguri Ngilali.

Source: Legit.ng

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