Total to sell stake in block offshore Nigeria

Total SA has agreed to sell its 20% interest in OML 138 offshore Nigeria, where production began from Usan oil field in February, to a wholly owned subsidiary of China Petrochemical Corp. (Sinopec) for $2.5 billion cash before closing adjustments (OGJ Online, Feb. 24, 2012).

Total E&P Nigeria Ltd., operator of the block, developed Usan with 42 wells connected to a spread-moored floating production, storage, and offloading vessel. The field is in 750-850 m of water 100 km offshore southeastern Nigeria. The FPSO can process 180,000 b/d and store 2 million bbl of crude oil.

The sale is subject to approval by the Nigerian government.

Nigerian National Petroleum Corp. holds the OML 138 concession. Other partners are Chevron Petroleum Nigeria Ltd. and Esso E&P Nigeria (Offshore East) Ltd., 30% each, and Nexen Petroleum Nigeria Ltd., 20%.

Related Articles

Shell submits revisions to its 2015 Chukchi Sea exploration plan

08/29/2014 Shell Offshore Inc. submitted revisions to its previously approved Chukchi Sea exploration plan on Aug. 28, a spokesman for the company confirmed. ...

BLM announces California oil, gas strategy as CCST issues report

08/29/2014 The US Bureau of Land Management’s California state office announced a comprehensive strategy for its oil and gas program in the state after receiv...

MARKET WATCH: Crude oil futures end trading session higher in New York

08/29/2014

Crude oil futures prices trended upwards Aug. 28, ending the day’s trading session higher, while the ICE contract for Brent retreated.

EIA: US sees lowest pre-Labor Day gasoline prices in 4 years

08/29/2014 US retail prices for regular gasoline averaged $3.45/gal on Aug. 25, which was lowest price on a Monday preceding the Labor Day holiday in the US s...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected