TotalEnergies Sells Stake in Nigerian Venture for $860 Million
By Mauro Orru
TotalEnergies agreed to sell its stake in a Nigerian joint venture to Chappal Energies for $860 million.
The French oil major said its subsidiary TotalEnergies EP Nigeria had signed a sale and purchase agreement with Chappal Energies to dispose of its 10% stake in SPDC JV, a joint venture that holds 18 licenses in the Niger Delta.
TotalEnergies is selling all its rights and obligations for 15 licenses in oil production and transferring its participating interest in the three other licenses that are mainly for gas production. However, the company said it would retain its economic interest in those three licenses that account for 40% of Nigerian liquefied natural gas supply.
"This divestment of our interest in SPDC JV licenses allows us to focus our onshore Nigeria presence solely on the integrated gas value chain and is designed to ensure the continuity of feed gas supply to Nigeria LNG in the future," said Nicolas Terraz, president of exploration and production at TotalEnergies.
Closing of the transaction is subject to customary conditions and regulatory approvals.
Write to Mauro Orru at mauro.orru@wsj.com
(END) Dow Jones Newswires
July 17, 2024 09:08 ET (13:08 GMT)
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