Total sells interest in offshore Nigeria block

Total sells interest in NigeriaTotal plans to sell US$15-20bn of its assets through to 2014. (Image source: Tostaki1/Wikimedia Commons)Total has announced that it has sold its 20 per cent interest in the Nigerian OML 138 block to a subsidiary of China Petrochemical Corporation (Sinopec) for US$2.5bn

OML 138, which is located on the Usan field 100km off the southeastern coast of West Africa, started production in February 2012.

The field has a production capacity of 180,000 barrels of oil equivalent per day (boepd), with current production levels at 130,000 boepd, according to Bloomberg Business.

Yves-Louis Darricarrère, president - upstream at Total, said, “The transaction is aligned with Total’s active portfolio management. Usan accounts for less than 10 per cent of the group’s equity production in Nigeria. This sale of an asset operated from a minority position will allow us to focus our resources on the material growth opportunities in Total’s portfolio.”

Other companies that hold an interest in the field include Nigerian National Petroleum Corporation (NNPC), Chevron, Esso E&P Nigeria and Nexen Petroleum Nigeria.

Total’s other offshore Nigeria projects include the Akpo, Amenam-Kpono, Edikan and Ofon fields, which are operated by the company as part of a joint venture with NNPC.

The company issued a statement in September 2012 to say it planned to sell US$15-20bn of its assets through to 2014.

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