TotalEnergies Is Withdrawing from Africa
The French company TotalEnergies has announced the sale of two oil fields in Nigeria, the leader among African countries in the export of this fuel. We are talking about the Olo and Olo West blocks, which she developed jointly with the Nigerian National Oil Company, Agence Ecofin reported.
According to him, the French company sold its assets to the local oil firm Aradel Holdings for $19.5 million.
TotalEnergies, the agency points out, has been pursuing a policy of withdrawal from Africa for several months: against the background of efforts to reduce the management system and optimize the portfolio of oil and gas assets, the company has been steadily reducing investments on the continent.
At the end of July 2024, TotalEnergies had already ceded 10% of its shares in Shell Petroleum Development Company of Nigeria Limited, withdrawing from 18 oil and gas projects in the Niger Delta.
These events, the agency notes, are explained by the desire of the Nigerian authorities to strengthen the role of national companies in oil production, previously they were content with receiving royalties.
