TotalEnergies encountered a mix of breakthroughs and setbacks in its shifting portfolio of Africa-based oil and gas assets. The French major sold a 40% stake in two offshore oil projects in Nigeria to Chevron, and 10% of a different Nigerian offshore field to Shell. The deals, as Semafor’s Alexander Onukwue noted, are the latest in a race by international majors into Nigeria’s offshore industry, “turning away from onshore assets following a wave of theft and vandalism along oil pipelines.” Smaller African companies, including Mauritius-based Chappal Energies and Nigeria’s Heirs Energies, have moved in to buy the onshore assets left for sale by Shell and others.
Total’s luck was less favorable in Mozambique: The UK and the Netherlands withdrew a combined $2.2 billion in financing for Total’s new LNG terminal there, citing reports (which the company has denied) of human rights abuses. Total said the project will move forward without that funding.