Total sells Nigerian project stake to Sinopec
Total sells Nigerian project stake to Sinopec

French oil group Total has announced the sale of its 20 per cent stake in a Nigerian offshore bloc to China's Sinopec for $US2.5 billion ($A2.4 billion).

The OML 138 bloc, which includes the Usan oil well already in production since February, is co-owned by US groups Chevron and ExxonMobil and Canadian company Nexen.

In September, Total announced a asset sale program worth $US15 to $US20 billion to be carried out between 2012 and 2014. With the Nigerian divestment, Total has so far raised $US7.5 billion.

"The transaction is aligned with Total's active portfolio management," said Yves-Louis Darricarrere, president upstream at Total in a statement.

"Usan accounts for less than 10 per cent 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," he said.

The operation is subject to approval by Nigerian authorities, Total added.

The West Australian

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