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
Results from 18 states and the Federal Capital Territory so far released by the Independent National Electoral Commission on Monday showed the All Progressives Congress ... Full story
Policemen on Monday fired tear gas at protesting women, who were marching to the office of the Independent National Electoral Commission in Port Harcourt. They ... Full story
THERE was panic and anxiety in Port Harcourt on Monday following the announcement of an imposition of curfew in the state by the Rivers State ... 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
#Imo LGAs: 27 NO of POLITICAL PARTIES:14 REG. VOTERS: 1,747,681 ACCR VOTERS: 801,712 AA: 533 AD:757 ACPN: 956 ADC: 1617 APA: 2236 APC: 133,253 CPP: 733 HOPE: 157 KOWA: ...
Controversial actress, Cossy Orjiakor, has called on the Nigerian government to do something about the uniforms of the Nigeria Police, which she said are too ...
Nollywood actress, Shan George, has joined many Nigerians who are anxiously waiting for the announcement of the winner of the Saturday, March 28, 2015 presidential ...
Nigerians have most times requested for a credible, free and fair elections in the country whenever they go to the polls to elect their leaders. In ...
Nollywood superstar actress, Omotola Ekeinde seems not to be bothered about if the result of the presidential election is announced on time or not. While some ...
When the self-acclaimed ‘Koko Master’, D'Banj, sang few years ago in one of his hit singles that ‘love is a beautiful thing', he was never ...
The recent visit of First Lady Dame Patience Jonathan to Enugu has left a big scar on Nollywood. This is because the police in Enugu ...
Nigerian Prophet T.B. Joshua has warned of the death of a prominent politician due to ‘heated up’ politics in the wake of the closely fought ...
A while ago, a beautiful young lady was spotted driving an uncommon white coloured ride on Awolowo Road, Ikoyi. It drew attention of all around the ...