Total, France's largest oil company, has sold its 20 per cent stake in an offshore Nigerian field to China Petrochemical Corp (Sinopec) for about US$2.5 billion as part of an asset-disposal programme.
The OML 138 block includes the Usan field, which started output in February, Total said yesterday. The asset accounts for about 10 per cent of Total's Nigerian production, which averaged 287,000 barrels a day last year.
The sale is part of Total's plans to complete US$15 billion to US$20 billion of asset disposals from 2012 to 2014. China's state-backed energy companies are seeking new oil and gas reserves abroad, especially from regions like Africa where government scrutiny is lighter than in North America or Europe.
The sale of a minority stake in the Nigerian block is in line with Total's policy of actively managing its portfolio, Yves-Louis Darricarrere, head of exploration and production, said yesterday.
The Usan field production, whose ramp-up was slower than expected, could reach 140,000 barrels a day by the end of the year, chief financial officer Patrick de la Chevardiere said in July. The French company had said it was expecting a peak rate of 180,000 barrels a day.
Total rose as much as 2 per cent and was trading 70 cents higher at €37.67 yesterday.