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.
Headlines Newsview all
Zimbabwe's rampant corruption has penetrated virtually all levels of public services, and it's gotten so bad that delivering a baby has become unaffordable for most ... Full story
Suspected Boko Haram militants have killed at least 45 people in a village in Borno state, north-east Nigeria, witnesses have said. The gunmen who stormed Njaba ... Full story
Rate this article
- Billboard In India Mistakes Morgan Freeman For Nelson Mandela
- 7 And 10-Year-Old Michigan Boys Honored For Turning In A $100 Bill They Found In The Park
- Shaunie O’Neal Refutes Shaq’s Claim That He Didn’t Want Kids In Reality Show
From all indications, it seems all is not well in actress Ann Njemanze’s new home. Ann, Segun Arinze’s ex-wife and Nollywood star who is well ...
The hope for a film village by Nollywood practitioners has required a collaborated effort focused on the state capital, Delta State. This according to Nollywood ...
Veteran Nollywood director, Tunde Kelani, has divulged that the rate of piracy in the country has grown to an extent that it is now affecting ...
A student from the All Nations University College in the Eastern Region fell to her death from the school's storey building Wednesday evening Joy News ...
Just as many people wants to get fairer by using all sorts of creams like Dencia’s Whitenicious product, some are planning to get darker due ...
With the rise of the parent-offspring collaborations going on in Nigeria, many of the celebrities might just turn the entertainment industry into a family business. ...
As the countdown to the March 28 general elections in Nigeria, some governors have began getting close to its citizens as a way of showing ...
A 28-year-old woman, Christiana Faturoti in Ogun State has been detained for attempted murder after she had tied her stepdaughter, taped her mouth and locked ...
Big Boys, Peter Okoye and Olu Maintain watched the English Premier League matches tonight in the best way possible After watching the game, the two music ... Full story