Browsing: Africa’s Oil curse

TotalEnergies has initiated the sale of its 10 per cent shares in Nigerian joint project SPDC.

The French firm will maintain ownership of oil mining licenses 23 and 28, as well as its investment in the accompanying gas pipeline grid that supplies Nigeria LNG with fuel.

Because of years of sabotage and theft that have deteriorated resources along the oil-rich delta region, large oil corporations have been gradually abandoning Nigeria’s onshore production. This is owing to the fact that Nigeria’s onshore production is located in a hostile environment.

SPDC is a partnership in which Shell (SHEL.L) has a working interest equal to thirty per cent, NNPC (NNPC.L) has a working interest equal to fifty-five per cent, and Eni (ENI.MI) has five per cent. Additionally, Shell is selling its investment in SPDC. However, these attempts have been stalled due to a legal dispute.…