TotalEnergies Divests Stake in SPDC JV to Chappal Energies

TotalEnergies has announced the sale of its 10% stake in the SPDC JV licenses in Nigeria to Chappal Energies. The sale includes TotalEnergies’ interests and obligations in 15 licenses primarily producing oil, accounting for approximately 14,000 barrels per day in 2023.

The agreement also involves TotalEnergies transferring its 10% stake in three other SPDC JV licenses focused on gas production, while retaining full economic interest in these licenses. The gas licenses currently supply 40% of the feed gas to Nigeria LNG.

The transaction is valued at USD 860 million and is pending regulatory approval. Nicolas Terraz, President of Exploration & Production at TotalEnergies, stated this move aligns with the company's strategy to concentrate on offshore oil and gas assets, ensuring sustainable gas supply to Nigeria LNG.