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
The Westminster Magistrate’s Court on Marylebone Road, London, on Monday granted an application for seizure of 27,000 pounds seized from a former Minister of Petroleum ... Full story
Diezani Alison-Madueke, Accused Of Stealing £13billion, Caught Trying To Buy An Expensive Apartment In UK
For the embattled former Petroleum Minister, Mrs. Diezani Alison-Madueke, things are about to get from bad to worse after she was reportedly caught while trying ...
The secret means through which ex petroleum Minister, Diezani Alison-Madueke laundered looted funds has been revealed as she awaits her arraignment in a United Kingdom ... 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
Nollywood star, Yul Edochie, is the last child of veteran actor, Pete Edochie. The young scrit-interpreter, who has done well for himself as an entertainer, ...
Last night, 2Face and Annie Idibia stepped out for the Basketmouth’s ‘Lord of the Ribs’ show, which was held at Eko Hotel and Suites, Victoria ...
Nollywood star, Tonto Dikeh is not new to controversy, but lately, she has subsided on her negative publicity.Some weeks ago, the Rivers State-born actress held ...
Nollywood actress, Uche Jombo-Rodriguez and her mother-in-law have joined others to raise awareness on the importance of early detection of breast cancer in woman.In recent ...
Fans of Nollywood actress, Chika Ike, have recently been very angry at her because of the outfits she puts on, which they seem not to ...
The life of a celebrity is fabulous and that is why everybody or at least three out of every person’s want to be a celebrity.It ...
In recent times, there sexual harassment of children has been on the increase. Kids from three months old have been abused by adults and sometimes ...
Nollywood star, Laide Bakare, who recently flew to the United States of America (USA) from Nigeria, is planning a big birthday party for herself in ...
Liverpool have made contact with representatives of Jurgen Klopp as they look to replace sacked manager Brendan Rodgers. The former Borussia Dortmund coach is favourite to ... Full story