Abuja Police arrest robbery suspects who rob bank with cutlasses                          109 -year-old, thousands of ghost workers uncovered in Zamfara civil service verification exercise                          Liverpool should be Champions already, but who be Arsenal where Chelsea dey sef?                         Top 10 Nollywood movies that defined the Nigerian film industry in 2019                          Rising Debt, Banking Sector Recapitalisation: Three major issues that will shape Nigeria’s economy in 2020                         Sanusi VS Ganduje: Sanusi fights dirty, sacks Ganduje ally from palace                         5 things no one has ever told you about Christmas                         How a small agritech start-up is taking on Nigeria’s adulterated palm oil cabals                         CBN scraps card maintenance fee, slashes bank charges in new banking guidelines                         EXPLAINED: 7 things you need to know about CBN's new guide on bank charges                         Religious Persecution: You are not world’s police, Buhari’s government lashes out at America                         Mahrez, Mane, Salah are nominees for African Footballer of the Year                         SAD! 19,273 Nigerian teachers fail 2019 Professional Qualification Examination                         Group commends Immigration over compulsory drug test for personnel                         BREAKING! Gunmen abduct Bayelsa commissioner’s 6-year-old son                         JUST IN! JAMB fixes March 14 for 2020 UTME examination                         Tesla to take fresh $1.4 billion loan from Chinese banks for Shanghai’s Gigafactory – Sources                         Igbos outraged over IGP’s roadblock order, decry 60 police roadblocks from Lagos to Onitsha                         Fayose’s faction sells Ekiti PDP secretariat as party’s crisis worsens                         Nigeria’s rising public debt remains worrisome, unsustainable - World Bank                        


Total to divest from major Nigerian offshore block

The stake in Oil Mining Lease (OML) 118, which is located some 120 kilometres (75 miles) off the Niger Delta, is valued at up to $750 million.


Share this news


A Total sign (Photo credit: Journal du Cameroun)

Oil major, Total is seeking to sell its 12.5 per cent stake in a major deepwater oilfield off the coast of Nigeria, industry and banking sources said, in an effort to adjust the energy company’s Africa portfolio amid a broad expansion, Reuters reports.

The stake in Oil Mining Lease (OML) 118, which is located some 120 kilometres (75 miles) off the Niger Delta, is valued at up to $750 million, according to two sources who spoke to Reuters.

Investment bank Rothschild is running the sale process for Total, the sources said.

A spokeswoman for Total declined to comment. Rothschild declined to comment.

OML 118 is operated by Royal Dutch Shell, which holds a 55 per cent interest. Exxon Mobil holds a 20 per cent stake in the block, while Italy’s Eni and Total each hold 12.5 per cent.

Also, read EASE Of DOING BUSINESS: Nigeria must automate customs’ clearing process to make progress – Ajulo

The sale process is part of Total’s plan to sell $5 billion of assets around the world by 2020, the sources said.

The block includes the Bonga field, Nigeria’s first deepwater project which started in 2005 and produced around 225,000 barrels of oil and 150 million standard cubic feet of gas per day at its peak.

The output from the block is planned to grow sharply with the $10 billion development of the Bonga Southwest field, which is expected to produce up to 200,000 BPD, roughly 10% of Nigeria’s current oil production.

Share this new


Sign In To Leave A Comment


Nigeria Today News. ©2019 Nigeria Today. All rights reserved.