TotalEnergies to exit Nigerian onshore oil business
French oil major TotalEnergies has announced plans to sell its minority stake in a major Nigerian oil joint 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…