French Total sells Nigeria oil field stake to Sinopec for $2.5bn

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.

The OML 138 block contains the Usan field, which started production in February 2012, Total said.

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)

By: Fanny Zhang
+65 6780 4359

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