TotalEnergies Embarks on Fresh Start in Nigerian Oil Market with Asset Divestment
Paris-based energy giant, TotalEnergies, has decided to part ways with its onshore Nigerian oil asset, sparking a significant shift in the group’s operations in the West African country.
While announcing the divestment, Nicolas Terraz, President of Exploration & Production at TotalEnergies, revealed that the company will retain its ownership of the production share, ensuring unrestricted access to critical infrastructure and pipelines necessary for fuelling Nigeria’s liquefied natural gas plant.
This recent move follows months of signals from TotalEnergies’ CEO regarding the group’s intention to cut its ties with the Shell Petroleum Development Company of Nigeria Limited. The decision, according to the CEO, was borne out of necessity, as TotalEnergies faced persistent challenges in Nigeria, including oil spills, theft, and operational issues.
The strategic asset sale allows TotalEnergies to focus its energy on revitalizing its onshore oil operations in Nigeria, paving the way for a new chapter in the company’s history on the African continent.
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