French oil giant Total said Monday that it has sold its stake in a Nigerian oil field to a local company for $569 million (523 million euros).
Total’s sale of its share in the onshore Oil Mining Lease 29 to Aiteo Eastern E&P comes after the French group made two similar divestments in Nigeria. The three transactions reached a sum of $1 billion.
“These transactions … reduce our exposure to non-operated blocks onshore Nigeria, and allow us to focus on our core, operated developments,” said Patrick de La Chevardiere, Total’s Chief Financial Officer.
The group added that the divestment is “in line with the Federal Government of Nigeria’s aim of developing Nigerian companies in the sector”.
Energy groups have been slashing their investments in a bid to shore up earnings, as crude prices have collapsed by about 60 percent since June.