Total completes sale of its interest in onshore OML 17
Total has completed the divestment of its 10 per cent interest in onshore Oil Mining Lease (OML) 17 to the Nigerian company TNOG Oil & Gas Limited, a related company of Transcorp, for about $180 million.
From the deal about $150 million was paid at completion of the transaction, while the balance will be paid under an agreed deferred payment scheme. The block produced around 2,500 barrels of oil equivalent per day in 2020 in Total group share.
“This transaction fits with our strategy of actively managing assets to continue improving our portfolio” said Jean-Pierre Sbraire, Chief Financial Officer at Total.
Total holds a 10 per cent interest in several onshore blocks in Nigeria operated by Shell Petroleum Development Company (SPDC, 30%), a joint venture alongside the Nigerian National Petroleum Corporation (55%) and Nigerian Agip Oil Company Limited (5%).
KEEPING THE ENERGY INDUSTRY CONNECTED
Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.
By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.
More oil news

Europe Defense Spending Lifts Stocks, Hurts Bonds: Markets Wrap

Oil Holds Declines on Prospect of Higher Russia, Iraq Supplies

Canada’s Conservative Leader Pitches Major Natural-Resource Revamp to Counter Trump

EPA Terminates Nearly 400 Workers Amid US Government Purge

Trump to Create White House Council to Drive Energy Dominance

Oil Steadies as Trump’s Reciprocal Tariffs Add to Trade Tensions

Isuzu to Build Car Plant in South Carolina as Trump Tariffs Loom

SoftBank Weighs Debt-Heavy Financing in $500 Billion AI Push

Stocks Climb as Traders Brush Aside Tariff Threats: Markets Wrap
