Total has signed an agreement to sell its 20% contractor interest in OML 138 block to Sinopec, for approximately US$2.5bn in cash (subject to post-closing adjustments). The agreement is subject to approval by the Nigerian authorities.
The OML 138 block contains the Usan field which started production in February 2012. The Usan development comprises a spread moored Floating Production, Storage and Offloading (FPSO) vessel designed to process 180,000 bbl/d and with a crude storage capacity of 2 mbl. Development involves 42 wells that are connected to the FPSO by a 70 km-long subsea network. Usan accounts for less than 10% of the Group’s equity production in Nigeria.
The Nigerian National Petroleum Corporation (NNPC) is the OML 138 concession holder. Other partners include Chevron Petroleum Nigeria Ltd. (30%), Esso E&P Nigeria (Offshore East) Ltd. (30%) and Nexen Petroleum Nigeria Ltd. (20%).
Source: Total