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TotalEnergies moves to sell its SPDC stake

ACCORDING to a sale document tendering for interest, TotalEnergies today has launched the sale of its 10% stake in a Nigerian joint venture Shell Petroleum Development Company (SPDC), with Scotiabank leading the sale as a financial adviser.

TotalEnergies announced the sale in late April, as you may recall. The company confirmed that it was selling its interest in 13 onshore fields and three shallow-water fields with a combined production capacity of over 20,000 barrels of oil equivalent per day.

The sale includes pipelines connecting to two major crude export terminals, Bonny and Forcados, totaling 3,500 kilometers.

The French firm will retain OMLs 23 and 28 as well as its stake in the associated gas pipeline network that feeds Nigeria LNG.

Due to years of sabotage and theft that have degraded assets across the oil-rich delta region, major oil companies have been gradually exiting Nigeria’s onshore production.

SPDC is a joint venture in which Shell has a 30% working interest, NNPC has a 55% working interest, and Eni has a 5% working interest. Shell is also selling its SPDC stake, but the process has been held back by a law suit.

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