Oil giant Total sells Nigerian oil field stake for US $ 569mn

31 Mar 2015 - {{hitsCtrl.values.hits}}

AFP: French oil giant Total said yesterday that it has sold its stake in a Nigerian oil field to a local company for US $ 569 million (523 million euros).
Total’s sale of its share in the onshore Oil Mining Lease 29 to Aiteo Eastern E&P comes after the French group made two similar divestments in Nigeria. The three transactions reached a sum of US $ 1 billion.
“These transactions ... reduce our exposure to non-operated blocks onshore Nigeria, and allow us to focus on our core, operated developments,” said Total Chief Financial Officer Patrick de La Chevardiere.
The group added that the divestment is “in line with the Federal Government of Nigeria’s aim of developing Nigerian companies in the sector.”
Energy groups have been slashing their investments in a bid to shore up earnings, as crude prices have collapsed by about 60 percent since June.

Other

Oil giant Total sells Nigerian oil field stake for US $ 569mn

Most Popular Articles

Shipping majors circle Sri Lankan ports amid regional expansion race

ADB sees slower growth, higher inflation for Sri Lanka through 2027

Sri Lanka’s IMF reserve target comes under pressure: KPMG

Sri Lanka explores local gold refinery as IMF regulations delay import tax relief for jewellers

CSE ends lower as turnover falls to year’s lowest, ASPI holds key support

HMD introduces latest range of feature phones to Sri Lanka

Latest News

Spain training session cancelled before World Cup final

Messi and Argentina set for World Cup final showdown with Spain

Over 700 arrested in islandwide ‘Ratama Ekata’ operation

House of Fashions owner remanded after Customs arrest

Kuwait International Airport suspends operations temporarily