https://en.sputniknews.africa/20240831/french-totalenergies-reportedly-exits-africa-with-sale-of-two-oil-fields-to-nigerian-company-1068085526.html
French TotalEnergies Reportedly Exits Africa With Sale of Two Oil Fields to Nigerian Company
French TotalEnergies Reportedly Exits Africa With Sale of Two Oil Fields to Nigerian Company
Sputnik Africa
TotalEnergies is a global energy company based in France. It operates in over 130 countries and is involved in oil, natural gas, renewable energies, and... 31.08.2024, Sputnik Africa
2024-08-31T13:53+0200
2024-08-31T13:53+0200
2024-09-02T14:39+0200
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TotalEnergies announced the sale of two oil fields in Nigeria, Africa's leading oil exporter. The Olo and Olo West blocks were sold to local firm Aradel Holdings for $19.5 million, according to the media report.The company has been reducing its investments in Africa, optimizing its oil and gas portfolio, and cutting management, according to the report. In July, the company sold 10% of its shares in Shell Petroleum Development Company of Nigeria Limited, exiting 18 oil and gas projects in the Niger Delta.The development is reportedly aimed at bolstering the role of Nigerian national companies in oil extraction, previously limited to receiving royalties.
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france, nigeria, europe, west africa, oil, gas, export, west, company
French TotalEnergies Reportedly Exits Africa With Sale of Two Oil Fields to Nigerian Company
13:53 31.08.2024 (Updated: 14:39 02.09.2024) TotalEnergies is a global energy company based in France. It operates in over 130 countries and is involved in oil, natural gas, renewable energies, and electricity. The company focuses on sustainability, aiming for net-zero emissions by 2050 and invests significantly in solar and wind power projects.
TotalEnergies announced the sale of two oil fields in Nigeria, Africa's leading oil exporter. The Olo and Olo West blocks were sold to local firm Aradel Holdings for $19.5 million, according to the
media report.The company has been reducing its
investments in Africa, optimizing its oil and gas portfolio, and cutting management, according to the report. In July, the company sold 10% of its shares in Shell Petroleum Development Company of Nigeria Limited, exiting 18
oil and gas projects in the Niger Delta.
The development is reportedly aimed at bolstering the role of Nigerian national companies in oil extraction, previously limited to receiving royalties.
