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%.

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