{"id":971,"date":"2019-11-08T03:29:55","date_gmt":"2019-11-08T03:29:55","guid":{"rendered":"http:\/\/watchdogplusmedia.com\/?p=971"},"modified":"2019-11-08T03:30:06","modified_gmt":"2019-11-08T03:30:06","slug":"total-plans-to-sell-stake-in-nigerian-oil-block","status":"publish","type":"post","link":"https:\/\/watchdogplusmedia.com\/?p=971","title":{"rendered":"TOTAL PLANS TO SELL STAKE IN NIGERIAN OIL BLOCK"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

French\noil major, Total is seeking to sell its 12.5 per cent stake in the giant Bonga\nDeepwater oilfield off the coast of Nigeria, in an effort to adjust the energy\ncompany\u2019s Africa portfolio amid a broad expansion.
\n
\nReuters quoted banking and industry sources as saying that the stake in Oil\nMining Lease (OML) 118, which is located some 120 kilometers (75 miles) off the\nNiger Delta, is valued at up to $750 million.
\n
\nInvestment bank, Rothschild, is said to be running the sale process for the oil\nmajor.
\n
\nRothschild and a spokeswoman for Total declined to comment.
\n
\nOML 118 is operated by Royal Dutch Shell, which holds a 55 per cent interest.\nExxon Mobil holds a 20 per cent stake in the block, while Italy\u2019s Eni and Total\neach hold 12.5 per cent.
\n
\nThe sale process is part of Total\u2019s plan to sell $5 billion of assets around\nthe world by 2020, the sources said.
\n
\nThe block includes the Bonga field, Nigeria\u2019s first Deepwater project which\nstarted in 2005 and produced around 225,000 barrels of oil and 150 million\nstandard cubic feet of gas per day at its peak.
\n
\nOutput from the block is planned to grow sharply with the $10 billion\ndevelopment of the Bonga Southwest field which is expected to produce up to\n200,000 bpd, roughly 10 per cent of Nigeria\u2019s current oil production.
\n
\nNigeria\u2019s vast oil resources have attracted foreign oil companies for decades\nbut changes to the country\u2019s oil revenue laws as well as an unexpected tax levy\nover the past year could make investments in offshore projects less attractive.
\n
\nShell and its partners were expected to make an investment decision on Bonga\nSouthwest last year but uncertainty over its fiscal terms with the Nigerian\ngovernment have delayed the process.
\n
\nHowever, with the signing of the new Production Sharing Contract (PSC) Act by\nPresident Muhammadu Buhari, there is now clarity of terms for deep offshore\nproduction.
\n
\nShell in February launched a tender for bids for a 225,000 bpd floating\nproduction, storage and offloading (FPSO) vessel for the new development phase.
\n
\nIt has since pushed back the schedule for the bids.
\n
\nThe sale comes as Total prepares to expand its operations in Africa after\nagreeing earlier this year to buy Anadarko\u2019s Africa portfolio for $8.8 billion\nas part of its acquisition by United States rival Occidental Corp.
\n
\nTotal in January started production from the Egina oilfield off Nigeria\u2019s coast\nwhich is expected to plateau at 200,000 bpd of oil.<\/p>\n","protected":false},"excerpt":{"rendered":"

French oil major, Total is seeking to sell its 12.5 per cent stake in the giant Bonga Deepwater oilfield off the coast of Nigeria, in an effort to adjust the energy company\u2019s Africa portfolio amid a broad expansion. Reuters quoted banking and industry sources as saying that the stake in Oil Mining Lease (OML) 118, […]<\/p>\n","protected":false},"author":1,"featured_media":936,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_mi_skip_tracking":false},"categories":[4],"tags":[],"yoast_head":"\nTOTAL PLANS TO SELL STAKE IN NIGERIAN OIL BLOCK » WatchDog Plus Media<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/watchdogplusmedia.com\/?p=971\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/watchdogplusmedia.com\/?p=971#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/watchdogplusmedia.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Business\",\"item\":\"https:\/\/watchdogplusmedia.com\/?cat=4\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"TOTAL PLANS TO SELL STAKE IN NIGERIAN OIL BLOCK\"}]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"TOTAL PLANS TO SELL STAKE IN NIGERIAN OIL BLOCK » WatchDog Plus Media","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/watchdogplusmedia.com\/?p=971","author":"admin","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/watchdogplusmedia.com\/?p=971#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/watchdogplusmedia.com\/"},{"@type":"ListItem","position":2,"name":"Business","item":"https:\/\/watchdogplusmedia.com\/?cat=4"},{"@type":"ListItem","position":3,"name":"TOTAL PLANS TO SELL STAKE IN NIGERIAN OIL BLOCK"}]}]}},"rttpg_featured_image_url":{"full":["https:\/\/watchdogplusmedia.com\/wp-content\/uploads\/2019\/11\/TOTAL.jpg",750,563,false],"landscape":["https:\/\/watchdogplusmedia.com\/wp-content\/uploads\/2019\/11\/TOTAL.jpg",750,563,false],"portraits":["https:\/\/watchdogplusmedia.com\/wp-content\/uploads\/2019\/11\/TOTAL.jpg",750,563,false],"thumbnail":["https:\/\/watchdogplusmedia.com\/wp-content\/uploads\/2019\/11\/TOTAL-150x150.jpg",150,150,true],"medium":["https:\/\/watchdogplusmedia.com\/wp-content\/uploads\/2019\/11\/TOTAL-300x225.jpg",300,225,true],"large":["https:\/\/watchdogplusmedia.com\/wp-content\/uploads\/2019\/11\/TOTAL.jpg",640,480,false],"1536x1536":["https:\/\/watchdogplusmedia.com\/wp-content\/uploads\/2019\/11\/TOTAL.jpg",750,563,false],"2048x2048":["https:\/\/watchdogplusmedia.com\/wp-content\/uploads\/2019\/11\/TOTAL.jpg",750,563,false],"madd-magazine-blog-post":["https:\/\/watchdogplusmedia.com\/wp-content\/uploads\/2019\/11\/TOTAL.jpg",646,485,false],"wpsso-schema-1x1":["https:\/\/watchdogplusmedia.com\/wp-content\/uploads\/2019\/11\/TOTAL.jpg",750,563,false],"wpsso-schema-4x3":["https:\/\/watchdogplusmedia.com\/wp-content\/uploads\/2019\/11\/TOTAL.jpg",750,563,false],"wpsso-schema-16x9":["https:\/\/watchdogplusmedia.com\/wp-content\/uploads\/2019\/11\/TOTAL.jpg",750,563,false],"wpsso-thumbnail":["https:\/\/watchdogplusmedia.com\/wp-content\/uploads\/2019\/11\/TOTAL.jpg",750,563,false],"wpsso-opengraph":["https:\/\/watchdogplusmedia.com\/wp-content\/uploads\/2019\/11\/TOTAL.jpg",750,563,false],"wpsso-tc-summary":["https:\/\/watchdogplusmedia.com\/wp-content\/uploads\/2019\/11\/TOTAL-600x315.jpg",600,315,true],"wpsso-tc-lrgimg":["https:\/\/watchdogplusmedia.com\/wp-content\/uploads\/2019\/11\/TOTAL.jpg",750,563,false]},"rttpg_author":{"display_name":"admin","author_link":"https:\/\/watchdogplusmedia.com\/?author=1"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/watchdogplusmedia.com\/?cat=4\" rel=\"category\">Business<\/a>","rttpg_excerpt":"French oil major, Total is seeking to sell its 12.5 per cent stake in the giant Bonga Deepwater oilfield off the coast of Nigeria, in an effort to adjust the energy company\u2019s Africa portfolio amid a broad expansion. Reuters quoted banking and industry sources as saying that the stake in Oil Mining Lease (OML) 118,…","_links":{"self":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/971"}],"collection":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=971"}],"version-history":[{"count":-4,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/971\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/media\/936"}],"wp:attachment":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=971"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=971"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=971"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}