.jpg)
French oil giant
Total said Monday that it has sold its stake in a Nigerian oil field to
a local company for $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 $1 billion.
“These transactions … reduce our exposure
to non-operated blocks onshore Nigeria, and allow us to focus on our
core, operated developments,” said Patrick de La Chevardiere, Total’s
Chief Financial Officer.
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.
SHARE ON
Follow The 2015 Elections Updates In Real Time! Click HERE now!
loading...
Post A Comment:
0 comments:
We’re eager to see your comment. However, Please keep in mind that all comments are moderated according to our Comment Policy and all the links are nofollow. Using keywords in the name field area is forbidden.
Comment Using Either Disqus or Default Comment Mode.