France’s TotalEnergies pulls out of Nigerian oil fields

France’s TotalEnergies has announced the sale of its stake in two Nigerian oil fields, Olo and Olo West, to the local firm Aradel Holdings for $19.5 million, News.Az reports citing foreign media.

TotalEnergies has been progressively withdrawing from Africa in recent months as part of its strategy to streamline its management and optimize its oil and gas portfolio. The company has been reducing its investments on the continent.

In late July 2024, TotalEnergies had already divested 10% of its shares in Shell Petroleum Development Company of Nigeria Limited, pulling out from 18 oil and gas projects in the Niger Delta.

This shift is attributed to the Nigerian government's push to enhance the role of national companies in the oil sector, moving beyond merely receiving royalties.

News.Az