TotalEnergies To Sell Interest in Nigerian Gas Pipeline Network
Against a backdrop of chronic sabotage and theft of energy resources and hardware, TotalEnergies has launched a sale of its 10 percent stake in Nigerian joint venture Shell Petroleum Corporation (SPDC). In addition to assets such as 3500-km of gas pipelines connecting two key crude export terminals, the sale includes its interest in 13 onshore fields and three in shallow waters, producing 20,000 barrels of oil equivalent per day.
TotalEnergies financial advisor, Canada's Scotiabank, is leading the sale, a sale document tendering for interest shows.
The French company will keep OMLs (oil mining licenses) 23 and 28 and its interest in the associated gas pipeline network that feeds Nigeria LNG.
SPDC is a joint venture in which Shell holds a 30% working interest, NNPC holds 55% and Eni has 5%. Shell is also selling its stake in SPDC but these efforts have been held up by a court case.