Total Group is looking for buyers for one of its major oil blocks in Nigeria. The oil company wants to sell off its 12.5% stake and has already contracted an investment bank to manage the sale process of the deepwater oilfield.

Total’s 12.5% stake in the deepwater oilfield, Oil Mining Lease 118, is estimated to worth $750 million. Part of the oil block includes Bonga field which began production in 2005. According to report, the Bonga field has produced around 225,000 barrels of oil and 150 million standard cubic feet of gas per day at its peak. And with the $10 billion development of the Bonga Southwest field, production output is expected to grow.

Why Total is selling: The decision to sell its stake in the OML 118, which is located some 120 kilometres (75 miles) off Niger Delta, is coming amidst Total’s... https://nairametrics.com/2019/11/07/heres-why-total-is-selling-its-12-5-stake-in-nigerian-oil-block/

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