Bonga FPSO. Picture: Shell
(Bloomberg) – Nigeria accredited TotalEnergies SE’s sale of its stake in a block that features the Bonga subject 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 stated in a press release late Thursday.
The NUPRC granted the approval based mostly on paperwork that present the buying corporations “have entry to funding to fulfill their monetary obligations,” it stated. The fee revoked a separate sale by Complete earlier this month after discovering the customer, Chappal Energies, failed to boost 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 stated earlier this 12 months.
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.