Listen to ABR

Total Appoints Rothschild To Sell Off Nigerian Oil Assets

Nov 07, 2019 05:19 PM
Total Appoints Rothschild To Sell Off Nigerian Oil Assets Africa Business Radio, Rothschild, Total Oil, Africa Business News, Assets, Banking, Nigeria, Africa, Oil and Gas


Total is seeking to sell its 12.5% stake in a major deepwater oilfield off the coast of Nigeria, industry, and banking sources have said. The plan is reportedly an effort to adjust the energy company's Africa portfolio amid a broad expansion. Reuters reports that the stake in Oil Mining Lease (OML) 118, which is located some 120 kilometers (75 miles) off the Niger Delta, is valued at up to $750 million, according to two of the sources. Investment bank Rothschild is running the sale process for Total, Reuters sources also said. A spokeswoman for Total declined to comment. Rothschild equally declined to comment. The sale process is part of Total's plan to sell $5 billion of assets around the world by 2020, the sources said. Formerly Bonga field (Nigeria's first deepwater project) before being renamed as OML 118, it is said to contain approximately 6,000 million barrels of oil. It was discovered in 1996, and the federal government gave approval for its development in 2002 and began production in 2005. It produced around 225,000 barrels of oil and 150 million standard cubic feet of gas per day at its peak.

Get the latest headlines and unique ABR stories, sent every weekday.

BCX Brand Positioning-Awake Online_Voice-300x250-12-2019-Tracking Ad-BUS01034

Upcoming Events

Wed 17

ABR social sensitization on HIV & AIDs

Jul 17 @ 07 AM - Jul 24 @ 05 AM

Job Listing

Software Developer

Google
2019-07-31
×

Newscast

News Updates

  • Coronavirus: Car sales in China fall 92%

  • China reports 118 more deaths, South Korea cases spike to cross 150

  • Looted funds will be recovered, says Cyril Ramaphosa

  • Lesotho: Prime Minister Thabane to be Charged with Murder

  • NCS, FOU Intercept Contrabands in Gas Cylinders

  • CBN Returns over N60bn Excess Bank Charges to Customers

  • Accountant General, Customs CG clash over N28bn unremitted fund

  • China cuts benchmark lending rates amid coronavirus outbreak

  • Ideal Finance collapse: EOCO pursues Nii Kotei Dzani for more assets and accounts

  • Disastrous loan may cost the PIC R1.4bn