TotalEnergies to exit Nigerian offshore oil business

TotalEnergies has stated plans to sell its minority stake in a significant Nigerian onshore oil joint venture, Shell Petroleum Development Company of Nigeria Limited, SPDC.
The CEO of TotalEnergies, Patrick Pouyanne, disclosed this during a presentation of the company’s financial results.
Pouyanne said the company, which holds 10 per cent interest in SPDC, is looking to restructure its portfolio since producing oil in the Niger Delta has become difficult.
Meanwhile, the company noted that it is retaining its Nigerian gas assets, considering them essential for its expansion in liquefied natural gas development over the upcoming years.
It is on record that in January this year, Shell announced a plan to sell its 30 per cent stake in SPDC to Renaissance, a consortium of five companies based in Nigeria and an international energy group, for up to $2.4 billion.