Total SA has agreed to sell its 20% interest in OML 138 offshore Nigeria, where production began from Usan oil field in February, to a wholly owned subsidiary of China Petrochemical Corp. (Sinopec) for $2.5 billion cash before closing adjustments (OGJ Online, Feb. 24, 2012).
Total SA has agreed to sell its 20% interest in OML 138 offshore Nigeria, where production began from Usan oil field in February, to a wholly owned subsidiary of China Petrochemical Corp. (Sinopec) for $2.5 billion cash before closing adjustments (OGJ Online, Feb. 24, 2012).
Total E&P Nigeria Ltd., operator of the block, developed Usan with 42 wells connected to a spread-moored floating production, storage, and offloading vessel. The field is in 750-850 m of water 100 km offshore southeastern Nigeria. The FPSO can process 180,000 b/d and store 2 million bbl of crude oil.
The sale is subject to approval by the Nigerian government.
