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

Fuel Hike: Nigerian Students Threaten To Shut Down Schools In 11 States

The National Association of Nigeria Students,NANS, zone B, yesterday threatened to shutdown all tertiary institutions in the zone, comprising 11 states today in protest against ... Full story

Ijaw Youths Want Goodluck Jonathan Arrest And Face The Consequences

The Ijaw Youths Congress, IYC, has warned the Federal Government against its plan to arrest former President Goodluck Jonathan over the ongoing probe of massive ... Full story

Nigeria Bleeds As Militants Blow Up More Pipelines

By Emma Amaize, Soni Daniel, Clara Nwachukwu, Emman Ovuakporie, Michael Eboh, Johnbosco Agbakwuru, Egufe Yafugborhi, Brisibe Perez and Akpokona Omafuaire The nation's crude oil fortunes took ... Full story

President Buhari Reveals His Biggest Shock in Office

President Muhammadu Buhari in Abuja yesterday, told editors and newspaper executives in a brief interview to mark the administration’s first year in office that the ...

Ekiti Workers Blast Fayose And Begin Indefinite Strike Over Non-Payment Of Five Month Arrears Of Salaries And Deductions

Government business and academic activities in public schools were paralysed yesterday as civil servants and teachers in Ekiti State began an indefinite strike to protest ...

I Can’t Sell Myself Or My Family To Pay Striking Ekiti Workers Says Fayose

Governor Ayodele Fayose has said he has no immediate solution to the demands of striking workers in Ekiti State, stressing that he cannot sell himself ...

EFCC Has Recovered Several Billions Of Dollars In 6 Months Says Magu

Within the last six months, the Economic and Financial Crimes Commission, EFCC, secured more than 140 convictions and recovered billions of dollars in stolen funds ...

Bill To Increase Power Of Sharia Passes 2nd Reading Without Debate

The bill to increase the powers and jurisdiction of Sharia Law in Nigeria passed second reading at the lower chambers of the national assembly without ...

Agatu killings: Benue Demands N100 Billion Compensation

The people of Benue State are asking for N100b compensation for the attacks on Agatu area of the State by unidentified Fulani herdsmen that led ...

We Warned You: Nigerian Militant Group Tells Chevron

ABUJA, Nigeria, May 26 (UPI) -- A militant group in the Niger Delta said it targeted a Chevron Pipeline in the region after the company ... Full story

States Endorse 22 Point Fiscal Reform Action Plan

To publish audited accounts Allocations from FAAC dropped by N18.2 billion to N281.5 billion in April Ndubuisi Francis in Abuja The 36 states of the federation and ... Full story

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

Rate this article

0

Breaking News

OFFICIAL: Mourinho Appointed Manchester United Manager

Manchester United have offcially announced the appointment of Jose Mourinho as their new manager. Mourinho, who has long been linked with a move to Old Trafford, ...

United Airlines Pulls Out Of Nigeria Over FX Crisis

United Airlines, Chicago-based American airline, is pulling out of Nigeria over difficulty in recovering monies made from tickets sales, due to Nigeria’s foreign exchange policy. The ...

Giwa And Heartland Eliminated From Federation Cup

Nigeria Professional Football League Giwa FC and Heartland have been eliminated from the Federation Cup in the Round of 64.clubs Giwa lost 2-0 to Sunshine Stars, ...

La Liga And EPL Drive Record Nigerian Audience Growth On ESPN

The world’s leading digital sports brand ESPN, has reported record traffic in Nigeria for April 2016, for the second consecutive month. 5.7 million unique visitors accessed ...

Meet Banker Who Turned Puff-Puff Seller In Lagos

Omotade Johnson, a former staff with Intercontinental bank now make ends meet selling puff puff at Igando bus stop in Lagos state. Omotade, a graduate ...

See What Iyanya Was Spotted Doing In Abuja After Showing Off His Alleged Girlfriend (Photos)

On Wednesday, May 24, top Nigerian music sensation Iyanya shut down Abuja as he staged his first ever ‘Symphony of Iyanya’ concert held at the ...

New Video: Orezi ft Olamide - Under The Blanket

Are you ready for this collaboration between Orezi and Olamide? The video for “Under The Blanket (Remix)” is out and the fun video was directed by ...

17 Players Arrive Super Eagles Camp, Iheanacho Hit Visa Hitch

A total of seventeen players have arrived the Super Eagles training camp in France ahead of Friday’s friendly against Mali, but Manchester City forward Kelechi ...

Eagles Player In Serious Trouble With The NFF

– Moses has opted out of the friendly matches against Mali and Luxembourg – The NFF says the player seems to be picking the invitations he will ...

Bank of Industry Commissions 24KW Off-Grid Solar Power In Kaduna

The Bank of Industry (BoI) has commissioned a 24KW micro-grid solar system in Charwa/Chakun, an off-grid community in Markafi local government area of Kaduna State. The ... Full story