TotalEnergies announced the signing of a sale and purchase agreement (SPA) with Chappal Energies for the sale of its 10% stake in the SPDC JV licences in Nigeria by its subsidiary, TotalEnergies EP Nigeria.
With 18 licences in the Niger Delta, SPDC JV is an unincorporated joint venture owned by Nigerian National Petroleum Corporation Ltd (55%), TotalEnergies EP Nigeria (10%), Shell Petroleum Development Company of Nigeria (30%), and NAOC (5%).
The national news brand holds that as stated in the SPA that Chappal Energies signed: Chappal Energies will purchase from TotalEnergies EP Nigeria its 10% participating interest as well as all of its rights and liabilities in 15 SPDC JV licences, the majority of which are producing oil. TotalEnergies EP Nigeria will also transfer to Chappal Energies its 10% participating interest in the three other SPDC JV licences that are primarily producing gas (OML 23, OML 28, and OML 77), while retaining full economic interest in these licences that currently account for 40% of Nigeria’s LNG gas supply. Production from these licences represented approximately 14,000 barrels equivalent per day in Company share in 2023. For a firm consideration of USD 860 million, the deal was completed. Closing is contingent upon usual terms, such as receiving regulatory approvals.
“TotalEnergies continues to actively manage its portfolio in Nigeria, in line with its strategy to focus on its oil offshore and gas assets. After the launch of the Ubeta gas development on OML58 license last month, this divestment of our interest in SPDC JV licenses allows us to focus our onshore Nigeria presence solely on the integrated gas value chain and is designed to ensure the continuity of feed gas supply to Nigeria LNG in the future”, said Nicolas Terraz, President Exploration & Production of TotalEnergies.
About Nigeria’s Total Energies
Having been in Nigeria for almost 60 years, TotalEnergies currently employs over 1,800 individuals in a variety of economic sectors. With 219,000 boe/d produced in 2023, Nigeria is one of the major contributors to TotalEnergies’ hydrocarbon production. In addition, TotalEnergies has a vast nationwide distribution network with over 540 service stations. TotalEnergies is dedicated to collaborating with local communities and pays special attention to the nation’s socioeconomic growth in all aspects of its operations.
Concerning TotalEnergies
Oil and biofuels, natural gas and green gases, renewable energy sources, and electricity are all produced and marketed by TotalEnergies, a worldwide integrated energy firm. Our more than 100,000 workers are dedicated to providing more dependable, reasonably priced, and environmentally friendly energy to as many people as we can. With operations in over 120 countries, TotalEnergies prioritises sustainability in all aspects of its strategy, projects, and business practices.
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