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

SAD: Albinos In East Africa Are Hunted For Their Body Parts For Rituals

The albinos who are born in East Africa are becoming more and more of an endangered specie as they are been hunted for their skin ... Full story

Outgoing Benue Governor, Donates 8 SUVs To Incoming Governor

The outgoing governor of Benue State, Gabriel Suswam, on Thursday donated eight new Toyota Prado Sports Utility Vehicles to the state governor-elect, Samuel Ortom, his ... Full story

Xenophobia Attacks: Gani Adams, Visits South Africa

The National Coordinator of the Oodua Peoples Congress, Gani Adams, on Thursday visited the Nigerian Embassy in South Africa in support of Nigerians affected by ... Full story

Ten Policemen Detained By Army For Refusing To Wear Uniforms

Ten counter-terrorism police officers attached to the Nigeria army peacekeeping forward operation base in Abuja are currently unlawfully detained at a military barrack in Gwagwalada, ... Full story

Nigerian Troops Get Mandate To Catch Boko Haram Leader Abubakar Shekau Alive

Troops have got another mandate to catch Boko Haram leader Abubakar Shekau alive. Shekau is believed to have relocated from his bunker before the troops reclaimed ...

Lagos State Governor Babatunde Fashola, Named As One Of Seven Outstanding Personalities Worldwide

A global conflict prevention organisation, International Crisis Group, has named the Governor of Lagos State, Babatunde Fashola, as one of seven outstanding personalities worldwide, to ...

Bose Oladimeji: Impecunious Men Have No Place In My Heart

Bose Oladimeji is beginning to get all the attention in the Yoruba film industry, for both her talent and good looks. But Bose, from Kwara ... Full story

Xenophobia: Federal GovernmentTo File Criminal Case Against Zulu King At ICC

The Senate, yesterday, urged President Goodluck Jonathan to recall Nigeria’s High Commissioner to South Africa, following the wave of xenophobic attacks against Nigerians and other ... Full story

EFCC Chase Modu Sheriff Over N300 billion Borno Funds

A former governor of Borno State, Ali Modu Sheriff, is expected to appear before anti-graft agency, the Economic and Financial Crimes Commission. PREMIUM TIMES learnt Tuesday ... Full story

Abia State Voters Threatened With Coffins

Ahead of Saturday's election , residents o f Abia state are been threatened by unknown persons who dropped a coffin somewhere around the town. See photo ... Full story

Nigerian Man In Dubai Beats Son To Death For Not Studying

A Nigerian father has been accused of beating up his 12-year-old son who later died in a hospital in Dubai. The father, who is in his ... Full story

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

Rate this article

0

Breaking News

Singer Asa, Shows Off Photo Of Her 'Mystery Man'

Nigerian singer Asa has subtly revealed the identity of her supposed lover on social media. From the picture, it could be easily concluded that her lover ...

Exclusive: Ann Njemanze's Second Marriage To Younger Lover Hits The Rock

For a while, Nigeriafilms.com, has been following the social media updates of Nollywood actress/Domitila star, Ann Njemanze, who's the former wife of actor Segun Arinze. The ...

Unpaid Debt Scandal Gets Messier, As Tonto 'Gaga' Burns Luxury Bag Worth N192K

The drama between Tonto Dikeh and Pearl Chuks, the lady who had allegedly accused the Nollywood actress of owing her thousands of Naira have taken ...

Stephanie Okereke gives tips on how to keep a man

Nollywood actress, Stephanie Okereke always takes time out to advise men and women on relationships through her daily blog.The actress who recently celebrated her third ...

FRSC returns N400,0000 to family of deceased

The Federal Road Safety Corps (FRSC) RS 1.15 Sabon Tasha Unit Command in Kaduna State has returned over N400,000 recovered from an accident victim, late ...

UK spends £100m to prevent 2.5m unwanted pregnancies

Distribution of some 1.2 billion condoms in eight states under a programme funded by the British government against HIV/AIDS helped prevent 2.5 million unintended pregnancies, ...

How Alcoholic Mother Abandoned Children, Eloped With Second Husband

Residents of New Nyanya in Karu local government area of Nasarawa State were shocked when they realised that a pregnant mother of four with a ...

King Sunny Ade Managing Director Dies

King Sunny Ade's Managing Director Juju master, King Sunny Ade's (KSA) managing director, Sunday Abayomi is reported to be dead according the PM News. The 55-year old ...

Nigeria Football Federation,Nike Sign Deal

Nike and the Nigeria Football Federation (NFF) announced a new partnership for designing and developing football kits for the country’s men’s and women’s national football ... Full story

Ini Edo’s Movie Night With Fans And Autograph Signing Session

Ini Edo marked her birthday with a movie night with fans,featuring an autograph signing session and screening of her movie,”While you slept”.It took place this ... Full story