Nigeria: Total Completes Sale of Its Interest in Onshore OML 17
18 Janvier 2021 - 08:48AM
Dow Jones News
Regulatory News:
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) has completed the
divestment of its 10% interest in onshore Oil Mining Lease (OML) 17
to the Nigerian company TNOG Oil & Gas Limited, a related
company of Heirs Holdings Limited and of Transnational Corporation
of Nigeria Plc (Transcorp), for about $180 million, out of which
about $150 million was paid at completion of the transaction, while
the balance will be paid under an agreed deferred payment scheme.
The block produced around 2,500 barrels of oil equivalent per day
in 2020 in Total group share.
"This transaction fits with our strategy of actively managing
assets to continue improving our portfolio" said Jean-Pierre
Sbraire, Chief Financial Officer at Total.
Total holds a 10% interest in several onshore blocks in Nigeria
operated by Shell Petroleum Development Company (SPDC, 30%), a
joint venture alongside the Nigerian National Petroleum Corporation
(55%) and Nigerian Agip Oil Company Limited (5%). Since 2010, Total
has divested its interests in twelve onshore blocks to Nigerian
companies, in line with the Federal Government of Nigeria's aim of
developing Nigerian companies in the sector.
Total Exploration & Production in Nigeria
Total has been present in Nigeria for over 60 years, where it
today employs more than 1,600 people both in upstream and
downstream activities.
The Group's production in the country was 306,000 barrels of oil
equivalent a day in 2019. Total operates 5 production licenses
(OML) on the 33 leases in which the Group has interests.
In addition to OML 130 where the Akpo, Egina and Preowei fields
were discovered, Total operates other offshore assets such as OML
99 where the Ikike discovery is located, OML 100 and OML 102 where
the Ofon 2 project was completed in 2016. Onshore, Total is the
operator of OML 58 under its joint venture with Nigerian National
Petroleum Corporation (NNPC). The Group is also developing
Liquefied Natural Gas (LNG) activities with a 15% stake in the
Nigeria LNG Ltd company, which currently operates 6 LNG
liquefaction trains on Bonny Island.
In the downstream sector, Total operates in a leading position
with an extensive distribution network of around 580 service
stations nationwide and a wide range of top-quality energy products
and services.
The Group is committed to working closely with its host
communities in Nigeria and is supporting many projects in the field
of health, education, infrastructure and economic development,
through its sustainable development and community relations
programs. With a diverse workforce of several nationalities and
cultures working together, Total is proud of its contributions to
the socio-economic development of Nigeria.
***
About Total
Total is a broad energy company that produces and markets fuels,
natural gas and electricity. Our 100,000 employees are committed to
better energy that is more affordable, more reliable, cleaner and
accessible to as many people as possible. Active in more than 130
countries, our ambition is to become the responsible energy
major.
Cautionary Note
This press release, from which no legal consequences may be
drawn, is for information purposes only. The entities in which
TOTAL SE directly or indirectly owns investments are separate legal
entities. TOTAL SE has no liability for their acts or omissions. In
this document, the terms "Total", "Total Group" and Group are
sometimes used for convenience. Likewise, the words "we", "us" and
"our" may also be used to refer to subsidiaries in general or to
those who work for them. This document may contain forward-looking
information and statements that are based on a number of economic
data and assumptions made in a given economic, competitive and
regulatory environment. They may prove to be inaccurate in the
future and are subject to a number of risk factors. Neither TOTAL
SE nor any of its subsidiaries assumes any obligation to update
publicly any forward-looking information or statement, objectives
or trends contained in this document whether as a result of new
information, future events or otherwise.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20210117005070/en/
CONTACT: Total Contacts
Media Relations: +33 1 47 44 46 99 l presse@total.com l
@TotalPress
Investor Relations: +44 (0)207 719 7962 l ir@total.com
SOURCE: TOTAL
Copyright Business Wire 2021
(END) Dow Jones Newswires
January 18, 2021 02:33 ET (07:33 GMT)
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