View all newsletters
Receive our newsletter – data, insights and analysis delivered to you
  1. Dashboards
  2. Deals
May 18, 2022

TotalEnergies plans to sell stake in Nigerian oil joint venture

The JV operates over 6,000km of pipelines and flowlines, eight gas plants, more than 1,000 producing wells, and 87 flowstations.

TotalEnergies is seeking potential buyers for its 10% stake in Nigerian joint venture (JV) Shell Petroleum Development Company of Nigeria (SPDC), reported Reuters.

The French energy giant has appointed Canada’s Scotiabank to serve as the financial advisor for the sale process, the news agency reported, citing a sale document tendering for interest.

TotalEnergies has confirmed that it plans to divest its stakes in 13 onshore fields, as well as three shallow water fields.

These assets have a production capacity of more than 20,000 barrels of oil equivalent per day.

The sale also includes 3,500km of pipelines that connect to the Bonny and Forcados crude export terminals.

TotalEnergies will retain its stakes in oil mining licences (OMLs) 23 and 28, as well as its stakes in the associated gas pipeline network.

Other JV partners in SPDC include Shell (30%), Nigerian National Petroleum Corporation (NNPC) (55%), and Nigerian Agip Oil Company limited (NAOC), a unit of Italy’s Eni, which owns a 5% stake.

SPDC operates over 6,000km of pipelines and flowlines, 87 flowstations, eight gas plants, and over 1,000 producing wells.

In a separate development, TotalEnergies and its partner Chevron have sanctioned the Ballymore project in the US Gulf of Mexico.

Estimated to cost approximately $1.6bn, the project is expected to produce 75,000 barrels of crude oil per day, and start production in 2025.

The Ballymore project will involve the drilling of three production wells, which are planned to be tied back to the existing Chevron-operated Blind Faith platform through a 4.8km long flowline.

Through its subsidiary Chevron U.S.A., Chevron owns an operatorship stake of 60% in the Ballymore project while TotalEnergies holds the remaining 40% stake.

Last month, TotalEnergies and Shell announced that they were considering drilling oil exploration wells on the southwest coast of South Africa.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy


Thank you for subscribing to Offshore Technology