TotalEnergies has announced its intention to sell its 10 per cent share in a major Nigerian onshore oil joint venture, the Shell Petroleum Development Company of Nigeria Limited (SPDC).
Patrick Pouyanne, the CEO of TotalEnergies, revealed the development during the company’s financial results presentation.
Pouyanne explained that oil production in the Niger Delta does not align with the energy giant’s health, security, and environmental policies.
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He said:
“We want to divest our share of SPDC, and we are looking to reshape the portfolio.
“Fundamentally it’s because producing this oil in the Niger Delta is not in line with our [Health, Security and Environmental] policies, it’s a real difficulty.”
According to reports, TotalEnergies has grappled with numerous onshore oil spills due to theft, sabotage, and operational challenges.
The spills have reportedly necessitated expensive repairs and resulted in high-profile legal battles over time.
Stat tuned for more details…
