Bonga FPSO. Picture: Shell
(Bloomberg) – Nigeria accredited TotalEnergies SE’s sale of its stake in a block that features the Bonga discipline to Shell Plc and Nigerian Agip Exploration, marking progress within the French main’s technique to restructure property and pay down debt.
Shell Nigeria Exploration and Manufacturing Co., or SNEPCo., will purchase 10% of Complete’s 12.5% stake in Oil Mining Lease 118 for $408 million, with Agip taking the remaining 2.5% share for $102 million, the Nigerian Upstream Petroleum Regulatory Fee mentioned in an announcement late Thursday.
The NUPRC granted the approval primarily based on paperwork that present the buying firms “have entry to funding to satisfy their monetary obligations,” it mentioned. The fee revoked a separate sale by Complete earlier this month after discovering the client, Chappal Energies, failed to lift the required funds.
Complete’s divestment from Nigeria is a part of a plan to curb debt. It targets about $3.5 billion in asset gross sales worldwide, from oil property to stakes in renewable initiatives, Chief Govt Officer Patrick Pouyanne mentioned earlier this yr.
SNEPCo. is already the operator of OML with a 55% stake. Esso Exploration and Manufacturing Nigeria held 20% and Agip had a 12.5% share earlier than completion of the sale.
