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Total sells stake in Nigerian oil field

by ChemOrbis Editorial Team -
  • 30/03/2015 (17:17)
According to media sources, France’s Total has sold out their stakes in a Nigerian oil field, OML 29 Block, to a Nigerian group called Aiteo Eastern E&P for 569 million dollars.

The company’s decision to sell their shares in the onshore Oil Mining Lease 29 to Aiteo Eastern E&P came after they made two similar divestments in Nigeria. These three transactions reached a sum of 1 billion dollars.

Total’s Chief Financial Officer Patrick de La Chevardiere commented, “These divestments will help us reduce our exposure to non-operated blocks in onshore Nigeria. Through such moves, we will focus on our core operating developments.”
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