20 November 2012 03:33 [Source: ICIS news]
SINGAPORE (ICIS)--French energy firm Total announced late on Monday that it has finalised a deal to sell its 20% contractor interest in an oil field offshore Nigeria to China’s state-owned Sinopec for about $2.5bn (€1.9bn) in cash.
Other partners of the block include Chevron Petroleum Nigeria (30%), Esso E&P Nigeria (Offshore East) (30%) and Nexen Petroleum Nigeria (20%), according to Total.
“The transaction is aligned with Total’s active portfolio management. Usan accounts for less than 10% of the group’s equity production in Nigeria,” said Yves-Louis Darricarrere, president for upstream operations at Total.
“This sale of an asset operated from a minority position will allow us to focus our resources on the material growth opportunities in Total’s portfolio,” Darricarrere said.
($1 = €0.78)
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