TotalEnergies EP Nigeria, a subsidiary of the French energy group TotalEnergies, has sold its 10% participating interest in the SPDC JV licenses in Nigeria to the Nigerian company Chappal Energies for US$860m. Closing is subject to customary conditions, including regulatory approvals.
SPDC JV is a joint venture between Nigerian National Petroleum Corporation Ltd (55%), Shell Petroleum Development Company of Nigeria (30%, operator), TotalEnergies EP Nigeria (10%) and NAOC (5%), which holds 18 licenses in the Niger Delta. Under the sale and purchase agreement (SPA), TotalEnergies will sell its 10% participating interest in 15 SPDC's licenses, which are producing mainly oil (total production of about 14 kboe/d in 2023) and transfer its 10% participating interest in 3 other SPDC's licenses that are mainly producing gas (OML 23, OML 28 and OML 77); TotalEnergies will retain a full economic interest in those licences, which currently account for 40% of Nigeria LNG gas supply.
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