NewStats: 3,262,086 , 8,176,033 topics. Date: Saturday, 31 May 2025 at 06:14 PM h6a4p

French oil major TotalEnergies has announced plans to sell its minority stake in a major Nigerian oil t venture.

The firm said it wants to divest its share of Shell Petroleum Development Company of Nigeria Limited (SPDC) and is looking to reshape its portfolio since producing oil in the Niger Delta is not in line with its health, security and environmental policies.

“We want to divest our share of SPDC, and we are looking to reshape the portfolio. Fundamentally it’s because producing this oil in the Niger Delta is not in line with our (Health, Security and Environmental) policies, it’s a real difficulty,” Patrick Pouyanne, TotalEnergies chief executive officer was quoted by Reuters as saying at the company’s annual results presentation on Wednesday.

Mr Pouyanne noted that the company would keep its Nigerian gas resources, which he described as crucial for the company’s planned expansion of liquefied natural gas development in the coming years.

The company had in December 2023 said it would invest as much as $6 billion in Nigeria in coming years, particularly in gas production, as it plans to cut down investment in hydrocarbons and transition into cleaner energy.

TotalEnergies is a multinational energy company operating in more than 130 countries. For over 50 years, the company has remained a leader in the downstream sector of the Nigerian oil and gas industry. In May 2022, the company launched a sale of its minority stake in a Nigerian oil t venture.

The company said it was selling its interest in 13 onshore fields and 3 in shallow water, producing over 20,000 barrels of oil equivalent per day.

The sale includes infrastructure such as 3,500 km of pipelines connecting to two key crude export terminals, Bonny and Forcados. TotalEnergies is the latest multinational to give up its onshore assets for deep-water fields.

In January, the Nigerian unit of London-based oil supermajor Shell Plc announced it struck a deal with a consortium of five companies, setting the scene for the latter to acquire its onshore business in the country. The deal was sealed after years-long setbacks met by the company in its efforts to rid itself of the assets.

https://www.timesng.com/business/business-news/667118-totalenergies-to-exit-nigerian-onshore-oil-business.html?utm_campaign=twitter&utm_medium=twitter&utm_source=twitter

Everything just dey japa

chai

What do you expect?

When the drug baron said in his campaign; “Na statistics we go chop” you thought that would encourage foreign investors to continue doing business here?

When we talk, the Ronu bellectuals will say that we're not patriotic.

See the consequences.

The ill ripple effects of the clueless leadership on ground is really gonna take its toll on the Nigerian economy though it is known that these Anglo companies are parasitic leeches milking this nation dry.

“We want to divest our share of SPDC, and we are looking to reshape the portfolio. Fundamentally it’s because producing this oil in the Niger Delta is not in line with our (Health, Security and Environmental) policies, it’s a real difficulty,” Patrick Pouyanne,

See them. They didn't take note of the comment above.

The French are not interested in obeying Nigeria laws. They develop these oil wells without taken consideration of the environment. They destroyed the ecosystem will oil spillage and leave like that.

Now that laws are in place to check them, they don't want to continue because they were never interested in keeping the environment in good shape.

Znic:
It's well oo. Na wa oo

I thought you created this few days ago to defend Tinubu.

You're not doing so in this thread, why na?

Another bulaba achievement.

forgiveness:
...The French are not interested in obeying Nigeria laws. They develop these oil wells without taken consideration of the environment. They destroyed the ecosystem will oil spillage and leave like that.

Now that laws are in place to check them, they don't want to continue because they were never interested in keeping the environment in good shape.

Meanwhile it is the same country the clueless president here goes to seek foreign healthcare in while being teleguarded to destroy fellow West African country of Niger Republic.

Racoon:
Meanwhile it is the same country the clueless president here goes to seek foreign healthcare in while being teleguarded to destroy fellow West African country of Niger Republic.

He should make enemies, right?

More job losses 📉

So total wants to go into clean energies.

Okay. Leopard changeth spots

Racoon:
The ill ripple effects of the clueless leadership on ground is really gonna take its toll on the Nigerian economy though it is known that these Anglo companies are parasitic leeches milking this nation dry.

It is local content takeover, go and bid to buy their assets, and stop complaining.

People like you have nothing to add to Nigeria.

forgiveness:
“We want to divest our share of SPDC, and we are looking to reshape the portfolio. Fundamentally it’s because producing this oil in the Niger Delta is not in line with our (Health, Security and Environmental) policies, it’s a real difficulty,” Patrick Pouyanne,

See them. They didn't take note of the comment above.

The French are not interested in obeying Nigeria laws. They develop these oil wells without taken consideration of the environment. They destroyed the ecosystem will oil spillage and leave like that.

Now that laws are in place to check them, they don't want to continue because they were never interested in keeping the environment in good shape.

As I understood it operating responsibly onshore is beyond their control due to extraneous factors. Like sabotage of facilities, kidnapping, etc. But deep offshore things are different.

hisexcellency34:
More job losses 📉

Who told you so? There are Nigerian companies waiting to snap up those assets immediately.

If your Nigerian brothers who take over the assets decide to down size, no blame Oyibo.

Lies from IPOB news. On Tinubu manhood sorry mandate we stand.

Wealthy Nigerians will buy it

Paraman:
Wealthy Nigerians will buy it

We will be waiting for your dad to make the first bid.

IrawoKross:
We will be waiting for your dad to make the first bid.

He will bid along side his wealthy friends.

Hduf

Water bottle. Bulabu

They have milked us for many years

Are you sure dangote have not bought all the oil well onshore? Why are they moving away

Quite unfortunate

hahaha

Oil communities are the issue

What evil a bat can not do does not exist.

And your president is going to Ivory coast

With this yeye pump, shortchanging customers upandan

Another Foreign neo-colonialist company leaves Nigeria after milking and sucking dry all the wealth in the Ground.
I don't know why any right thinking Nigeria will have any hysteria whenever these neo-colonialist companies announce their Depature,as for me I call it bye bye to oyinbo garbage.
I must it things are very very tough right now in Nigeria,infact there are times I wonder how the poor are surviving in Nigeria.
But we must never despair as Nigerians,this is the time for all Nigerians to unite and forge forward,we must not allow this atmosphere of despair overwhelm us.
It's not rocket science that we have found ourselves in this crippling situation,but this is not the time to sell fear,and hopelessness to the people, I believe Asiwaju's motto of RENEWED HOPE is exactly what we need to preach.
For those who believe that Total is japaing,I daresay you have been scammed, Total is only selling its onshore facilities and relocating offshore where there's no community wahala,indegine quarrel, crude oil stealing and illegal refinery of their crude taking place.
They only relocated their milking and sucking of Nigeria's crude oil to the High waters offshore.
God bless all hard working Nigerians especially those going through this Challenging times.
God bless Nigeria

Oboy