TotalEnergies exits Nigerian oil fields

French multinational TotalEnergies has announced the sale of its stake in two oil fields in Nigeria, Africa's top oil exporter.

The fields in question, Olo and Olo West, were being developed in partnership with the Nigerian National Oil Company, Caliber.Az reports via foreign media.

The French company has sold these assets to the local firm Aradel Holdings for $19.5 million.

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.