TotalEnergies has amid dwindling production of oil in Nigeria revealed plans to exit the country’s troubled onshore oil fields.
The French multinational integrated oil and gas company declared it will put up for sale its minority stake in a Nigerian oil joint venture, Naija News reports.
The likes of Shell and ExxonMobil have earlier taken the same decision.
TotalEnergies joining the list will further impact Nigeria’s dwindling oil revenue.
In early February, Exxon Mobil Corp. agreed to sell some of its Nigerian assets to Seplat Energy Plc for at least $1.28 billion.
Similarly, Shell Plc, the operator of the licenses, is already considering bids from four local firms for its 30% shareholding in the company
A report by Bloomberg on Thursday revealed that TotalEnergies has decided it will put up for sale its minority stake in a Nigerian oil joint venture.
The development means the French oil firm will no longer be part of the exploration and production of crude oil in the onshore Niger Delta, Naija News understands.
According to Bloomberg, the French energy giant will look to offload its 10% interest in a firm that holds 20 onshore and shallow water permits in the West African country, Chief Executive Patrick Pouyanne said on a conference call Thursday.
He added that the disruption of local communities is a source of great concern in the country.