REG-TOTAL Nigeria: Total Completes Sale of Its Interest in Onshore OML 17

TotalEnergies SEAnnouncement

18/01/2021 07:20

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Nigeria: Total Completes Sale of Its Interest in Onshore OML 17

 

Total (Paris:FP) (LSE:TTA) (NYSE:TOT) has completed the divestment of its 10%
interest in onshore Oil Mining Lease (OML) 17 to the Nigerian company TNOG Oil
& Gas Limited, a related company of Heirs Holdings Limited and of
Transnational Corporation of Nigeria Plc (Transcorp), for about $180 million,
out of which about $150 million was paid at completion of the transaction,
while the balance will be paid under an agreed deferred payment scheme. The
block produced around 2,500 barrels of oil equivalent per day in 2020 in Total
group share.

“This transaction fits with our strategy of actively managing assets to
continue improving our portfolio” said Jean-Pierre Sbraire, Chief Financial
Officer at Total.

Total holds a 10% interest in several onshore blocks in Nigeria operated by
Shell Petroleum Development Company (SPDC, 30%), a joint venture alongside the
Nigerian National Petroleum Corporation (55%) and Nigerian Agip Oil Company
Limited (5%). Since 2010, Total has divested its interests in twelve onshore
blocks to Nigerian companies, in line with the Federal Government of
Nigeria’s aim of developing Nigerian companies in the sector.

Total Exploration & Production in Nigeria

Total has been present in Nigeria for over 60 years, where it today employs
more than 1,600 people both in upstream and downstream activities.

The Group’s production in the country was 306,000 barrels of oil equivalent
a day in 2019. Total operates 5 production licenses (OML) on the 33 leases in
which the Group has interests.

In addition to OML 130 where the Akpo, Egina and Preowei fields were
discovered, Total operates other offshore assets such as OML 99 where the
Ikike discovery is located, OML 100 and OML 102 where the Ofon 2 project was
completed in 2016. Onshore, Total is the operator of OML 58 under its joint
venture with Nigerian National Petroleum Corporation (NNPC). The Group is also
developing Liquefied Natural Gas (LNG) activities with a 15% stake in the
Nigeria LNG Ltd company, which currently operates 6 LNG liquefaction trains on
Bonny Island.

In the downstream sector, Total operates in a leading position with an
extensive distribution network of around 580 service stations nationwide and a
wide range of top-quality energy products and services.

The Group is committed to working closely with its host communities in Nigeria
and is supporting many projects in the field of health, education,
infrastructure and economic development, through its sustainable development
and community relations programs. With a diverse workforce of several
nationalities and cultures working together, Total is proud of its
contributions to the socio-economic development of Nigeria.

***

About Total

Total is a broad energy company that produces and markets fuels, natural gas
and electricity. Our 100,000 employees are committed to better energy that is
more affordable, more reliable, cleaner and accessible to as many people as
possible. Active in more than 130 countries, our ambition is to become the
responsible energy major.

Cautionary Note

This press release, from which no legal consequences may be drawn, is for
information purposes only. The entities in which TOTAL SE directly or
indirectly owns investments are separate legal entities. TOTAL SE has no
liability for their acts or omissions. In this document, the terms
“Total”, “Total Group” and Group are sometimes used for convenience.
Likewise, the words “we”, “us” and “our” may also be used to refer
to subsidiaries in general or to those who work for them. This document may
contain forward-looking information and statements that are based on a number
of economic data and assumptions made in a given economic, competitive and
regulatory environment. They may prove to be inaccurate in the future and are
subject to a number of risk factors. Neither TOTAL SE nor any of its
subsidiaries assumes any obligation to update publicly any forward-looking
information or statement, objectives or trends contained in this document
whether as a result of new information, future events or otherwise.

Total Contacts 

Media Relations: +33 1 47 44 46 99 l presse@total.com
(mailto:presse@total.com) l @TotalPress

Investor Relations: +44 (0)207 719 7962 l ir@total.com (mailto:ir@total.com)



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