Total Completes $1 Bln Of Onshore Divestments In Nigerian Blocks

(RTTNews) - French oil giant Total SA (TTA.L, TTFNF.PK, TOT) has completed the divestment of its stake in onshore Oil Mining Lease 29 to Aiteo Eastern E&P, a Nigerian company, for $569 million.

Together with the recently completed divestments of OML 24 and OML 18, Total's share of sale proceeds from these three onshore Nigerian blocks amounts to over $1 billion.

Total holds a 10 percent stake in several onshore blocks in Nigeria via the Shell Petroleum Development Co. Joint Venture alongside the Nigerian National Petroleum Corp., SPDC and Nigerian Agip Oil Company Limited.

Since 2010, Total has divested its interests in eleven onshore blocks to Nigerian companies, in line with the Federal Government of Nigeria's aim of developing Nigerian companies in the sector.