Nigeria: TotalEnergies Sells Its Interest in SPDC JV, Retaining Interest in Gas Supply to Nigeria LNG
July 17 2024 - 8:32AM
Business Wire
Regulatory News:
TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) announces that
its subsidiary TotalEnergies EP Nigeria signed a sale and purchase
agreement (SPA) with Chappal Energies for the sale of its 10%
interest in the SPDC JV licenses in Nigeria.
SPDC JV is an unincorporated joint venture between Nigerian
National Petroleum Corporation Ltd (55%), Shell Petroleum
Development Company of Nigeria (30%, operator), TotalEnergies EP
Nigeria (10%) and NAOC (5%), which holds 18 licenses in the Niger
Delta.
Under the SPA signed with Chappal Energies:
- TotalEnergies EP Nigeria will sell to Chappal Energies its 10%
participating interest and all its rights and obligations in 15
licenses of SPDC JV, which are producing mainly oil. Production
from these licenses represented approximately 14,000 barrels
equivalent per day in Company share in 2023;
- TotalEnergies EP Nigeria will also transfer to Chappal Energies
its 10% participating interest in the 3 other licenses of SPDC JV
which are producing mainly gas (OML 23, OML 28 and OML 77), while
retaining full economic interest in these licenses which currently
account for 40% of Nigeria LNG gas supply.
The transaction was concluded for a firm consideration of USD
860 million. Closing is subject to customary conditions, including
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 TotalEnergies in Nigeria TotalEnergies has been
present in Nigeria for more than 60 years and employs today more
than 1,800 people across different business segments. Nigeria is
one of the main contributing countries to TotalEnergies’
hydrocarbon production with 219,000 boe/d produced in 2023.
TotalEnergies also operates an extensive distribution network which
includes about 540 service stations in the country. In all its
operations, TotalEnergies is particularly attentive to the
socio-economic development of the country and is committed to
working with local communities.
About TotalEnergies TotalEnergies is a global integrated
energy company that produces and markets energies: oil and
biofuels, natural gas and green gases, renewables and electricity.
Our more than 100,000 employees are committed to provide as many
people as possible with energy that is more reliable, more
affordable and more sustainable. Active in about 120 countries,
TotalEnergies places sustainability at the heart of its strategy,
its projects and its operations.
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Cautionary Note The terms “TotalEnergies”, “TotalEnergies
company” or “Company” in this document are used to designate
TotalEnergies SE and the consolidated entities that are directly or
indirectly controlled by TotalEnergies SE. Likewise, the words
“we”, “us” and “our” may also be used to refer to these entities or
to their employees. The entities in which TotalEnergies SE directly
or indirectly owns a shareholding are separate legal entities. 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 TotalEnergies 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. Information concerning risk factors, that may affect
TotalEnergies’ financial results or activities is provided in the
most recent Registration Document, the French-language version of
which is filed by TotalEnergies SE with the French securities
regulator Autorité des Marchés Financiers (AMF), and in the Form
20-F filed with the United States Securities and Exchange
Commission (SEC).
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