TotalEnergies to Exit Nigerian Onshore Oil Venture Following Shell’s Lead

French energy giant TotalEnergies is looking to follow Shell’s lead in exiting the Nigerian onshore oil business.

This move comes after Shell’s announcement last month that it was selling its Nigerian onshore subsidiary, the Shell Petroleum Development Company of Nigeria Limited (SPDC), to a consortium of five companies based in Nigeria and one in Switzerland.

TotalEnergies CEO, Patrick Pouyanne, stated that the company is seeking to sell its minority in a major Nigerian onshore oil joint venture, citing difficulties in producing oil in the Niger Delta region.

This decision is in line with the company’s health, security, and environmental policies.

Despite the potential exit from the onshore oil sector, TotalEnergies is retaining its Nigerian gas assets, considering them essential for its expansion in liquefied natural gas development over the upcoming years.

The company has also recently announced the start-up of the Akpo West oilfield located 135 kilometers off the coast.

The decision by TotalEnergies to follow Shell’s lead in exiting the Nigerian onshore oil business is a significant development in the energy industry.

It remains to be seen how this will impact Nigeria’s oil production and the overall energy landscape in the region.