Nigeria: Total confirms plans to sell $2.4bn assets

// News | General | Nigeria: Total confirms plans to sell $2.4bn assets
Email to a friend Plain text Print version // Font size: Decrease font Enlarge font

The Chief Executive of French oil major Total said he would not deny a report that the firm was in talks to sell assets in Nigeria, worth about $2.4 bn, to China’s Sinopec.

A Bloomberg report last week said Asia’s largest refiner China’s Sinopec was close to buying stakes in Nigerian onshore oil blocks from Total.

“Yes we are discussing with certain buyers about selling certain assets in Nigeria,”  Total CEO Christophe de Margerie,  said declining to name the potential buyer or value of the deal but saying he would not deny the report.

“But it doesn’t mean we are scared and intend to start some kind of walking out of Nigeria…Total is happy to develop its projects in Nigeria,” he told reporters at an energy conference in Abu Dhabi.

Reuters reports that Nigeria is Africa’s largest crude oil exporter and oil companies operating there have long had to deal with attacks on their pipelines and staff, with the country’s worst floods in 50 years seriously affecting their output over recent weeks.

The French group said in September it planned to sell assets worth between $15bn and $20bn in the period up to 2014 as part of a bolder approach to managing its business, which has seen it buy and sell assets more frequently.

Total declared force majeure in mid-October on gas supplies to Nigeria LNG’s liquefaction plant, saying it had stopped oil and gas production on one onshore block 58, which was losing 90,000 bpd of oil equivalent, in which it has a 40 percent stake.

Total’s head of upstream told reporters at the same press conference in Abu Dhabi that it was still too early to say when production might restart, with flooding still posing problems.

“The water is decreasing, but we still have some problems with the floods,” Yves-Loius Darricare, Total’s head of upstream, said. “I hope we will be able to restart production as soon as we can.”

At least 363 people have been killed due to the floods since the start of July and 2.1 million people have been displaced, according to the National Emergency Management Agency .

NEMA said last week the oil-producing Niger Delta region was still flooded but water levels were falling and the heaviest rains had passed as Nigeria enters its six-month long dry season.

Tagged : No tags for this article

Headlines Newsview all

70% of candidates fail 2014 WASSCE

Of the 246,853 candidates who sat for the November/December 2014 West African Senior School Certificate Examination, only 72,522 candidates, representing 29.37 per cent, obtained credits ... Full story

Mr. Ibu Shows Off Massive Weight Loss In New Photos

Well, Mr. Ibu seems to have lost quite a lot of weight lately! Most likely for height reasons, he's channelling Rick Ross ... Full story

Boko Haram Kill 32; Kidnap 185 Women And Children In Borno

Multiple sources have it that Boko Haram, the deadly sect waging an insurgency against the state have killed 32 people in Borno State, and kidnapped ... Full story

Alhaji Bappa Tilde, Ex-Bauchi Accountant-General Shot Dead

Former Accountant-General of Bauchi State, Alhaji Bappa Tilde who was abducted last Saturday has been killed. According to residents, Tilde, 72, was brought by his abductors ... Full story

Inmate dies in prison after six adjournments to his trial

A man who was remanded in prison for attempting to steal his brother's money from an ATM has died due to the ineptitude of prison ... Full story

Seyi Shay Grabs Wizkid's Crotch in New Video

So, Seyi Shay and Wizkid featured in this new video titled 'Crazy', and Seyi Shay seems to have done something very crazy; she grabbed Wizkid's ... Full story

Couple tortured by police sue for N100m

The couple brutalized by a police corporal in Lagos, Ejeh and Grace Smith, is suing the police authorities for damages. The Lagos couple that was brutalized ... Full story

Boko Haram Abducts 185 Women, Kills 32

Boko Haram insurgents kidnapped at least 185 women and children, and killed 32 people in a raid in northeastern Nigeria this week, local officials and ... Full story

Gospel Musician Kenny Saint Brown Says APC Stole Her Mandate For Lai Mohammaed's Son

Gospel singer, Kenny Saint Brown does not believe she lost out in the APC primary elections but rather her mandate was stolen Gospel singer, Kenny Saint ... Full story

Boko Haram Threatens To Attack Emir of Kano, Muhammadu Sanusi II

Boko Haram leader, Abubakar Shekau, has threatened to attack the Emir of Kano, Muhammadu Sanusi II, in retaliation for the Emir’s call on Kano residents ...

Police arrest power-drunk cop’s team members in the Lekki area of Lagos State

The police have arrested other six cops at the scene of the torture of a couple in the Lekki area of Lagos State. A police source ... Full story

Comment on: Nigeria: Total confirms plans to sell $2.4bn assets

Rate this article

0

Featured author

Paula Obiewkwe

Breaking News

AGN President, Ibinabo Gushes over Husband after Stepping out of Church (Photos)

‘He, who finds a wife, finds a good thing and obtains favour from the Lord.’ This is the current tale of Actors Guild of Nigeria’s ...

Photos From Daystar Christain Centre Christmas Carol

Members, friends and families worshiped God in an atmosphere of joy and laughter on Sunday December 14th at one of the most anticipated Carol Concerts, ...

If Your Wife Was Fat, You Wouldn’t Have Married Her…..Fan Blast Paul Okoye

Social media banters has hit Nigeria’s adored singer, Paul Okoye after he posted a picture of girl who attempts to use scissors to cut her ...

Why My Marriage Crashed – Alex Okoroji

Alex Okoroji, daughter of ex-musician and PMAN President, Chief Tony Okoroji has revealed why her marriage crashed like a tokunbo car engine. The actress confessed that ...

Married Chief Tony Okoroji's Daughter Back To Spinsterhood

While some celebrities are happily tying the knots in 2014, others are as well walking out of their marriages and long relationships. The latest to return ...

VIDEO: Daddy Showkey ft. HarrySong – Asalamabeez

Story by Nigeriafilms.com Last Updated:7 minutes ago Brand new visual from Nigerian music icon, Daddy Showkey. He teams up with Five Star Music’s HarrySong on this one. ...

Exclusive Marriage Update: AGN President, Ibinabo Finally Signs Marriage Documents

Nigeriafilms.com correspondent at the ongoing White wedding of the Actors Guild of Nigeria’s President, Ibinabo Fiberesima, says the wedding has commenced immediately after the marriage ...

Oil workers suspend nationwide strike

Oil workers under the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the National Union of Petroleum and Natural Gas Worker (NUPENG) ...

Onigbinde urges Keshi to quit Eagles

Former Nigeria coach, Adegboye Onigbinde, said he has personally written to out of contract Super Eagles coach, Stephen Keshi, to quietly seek greener pastures elsewhere.Several ...

Pastors Are Ogboni Members – Otunba Meshioye

OTUNBA-FRACIS-OLUWAGBENRO Otunba Francis Meshioye, Olori Oluwo of the Reformed Ogboni Fraternity (ROF) made some revelations recently. The supreme leader of Ogboni in Nigeria said some popular ...