TotalEnergies has disclosed the sale of two of its oil fields in Nigeria, which is Africa’s foremost oil exporter. The fields in question, Olo and Olo West, have been purchased by Aradel Holdings, a Nigerian company, for $19.5 million, as reported.
This divestment is part of TotalEnergies’ broader strategy to reduce its investments across Africa. The company is streamlining its oil and gas portfolio and implementing cost-cutting measures, including reductions in management.
Notably, in July, TotalEnergies sold a 10% stake in Shell Petroleum Development Company of Nigeria Limited and exited from 18 oil and gas projects situated in the Niger Delta region.
These actions are aimed at bolstering the involvement of Nigerian national companies in the oil sector. Traditionally, these companies have been limited to receiving royalties, but the recent changes are designed to enhance their role in active oil extraction and production.
