TotalEnergies says its subsidiary, TotalEnergies EP Nigeria (TEPNG), has completed the divestment of its 12.5 percent non-operated interest in oil mining lease (OML) 118 production sharing contract (PSC) to Shell Nigeria Exploration and Production Company (SNEPco) Ltd and Nigerian Agip Exploration (NAE).
In a statement on Tuesday, the company said the transaction is valued at $510 million.
“TotalEnergies announces that its subsidiary TotalEnergies EP Nigeria (TEPNG) has completed the divestment of its 12.5% non-operated interest in the OML118 Production Sharing Contract (PSC) to Shell Nigeria Exploration and Production Company Ltd (10%) and Nigerian Agip Exploration (2.5%) for an aggregated amount of USD 510 million,” the statement reads.
On May 29, TotalEnergies announced a deal to sell its 12.5 percent interest in the PSC asset to SNEPCo for $510 million.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), on September 25, approved the sale-purchase agreement (SPA).
According to the authority, as part of the updated transaction, TotalEnergies would transfer 10 percent of its interest to SNEPco at a cost of $408 million, while NAE will pay $102 million for the remaining 2.5 percent.
On September 24, the NUPRC withdrew the approval for TotalEnergies EP Nigeria’s $860 million asset sale to Chappal Energies, a Mauritius-based oil and gas exploration company, over the recipient’s failure to meet its financial commitments.
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