Total sells OML 138 stake to Sinopec

November 19, 2012

Total has finalized an agreement to sell its 20% contractor interest in OML 138 block to a wholly owned subsidiary of China Petrochemical Corporation (Sinopec), for approximately US$2.5 billion in cash, the company announced on 19 November 2012.

The OML 138 block contains the Usan field, which started production in February 2012.

"The transaction is aligned with Total's active portfolio management. Usan accounts for less than 10% of the Group's equity production in Nigeria. This sale of an asset operated from a minority position will allow us to focus our resources on the material growth opportunities in Total's portfolio," said Yves-Louis Darricarrère, President Upstream at Total.

The agreement is subject to approval by the Nigerian authorities.

The Nigerian National Petroleum Corporation (NNPC) is the OML 138 concession holder. Other partners include Chevron Petroleum Nigeria Ltd. (30%), Esso E&P Nigeria (Offshore East) Ltd. (30%) and Nexen Petroleum Nigeria Ltd. (20%).



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