+
TotalEnergies sells $860M Nigerian oil and gas stake to Chappal Energies
OIL & GAS

TotalEnergies sells $860M Nigerian oil and gas stake to Chappal Energies

TotalEnergies has divested its 10 per cent stake in a collection of Nigerian oil and gas production licenses to Mauritius-based Chappal Energies for $ 860 million, the French energy company announced.

The 18 licenses are part of an unincorporated joint venture with Shell Petroleum Development Company of Nigeria (holding 30 per cent), the Nigerian National Petroleum Corporation (holding 55 per cent), and Nigerian Agip Oil Company (holding 5 per cent).

Chappal Energies specialises in investments in high-value and distressed brownfield upstream assets in the Niger Delta region.

TotalEnergies indicated that 15 of the licenses primarily produce oil, with Total's share amounting to 14,000 barrels of oil-equivalent per day in 2023.

The remaining three licenses, which produce natural gas, currently supply 40 per cent of TotalEnergies' LNG gas from Nigeria. The company mentioned that despite selling the participation stake to Chappal, it would retain full economic interest.

Nicolas Terraz, president of exploration and production at TotalEnergies, stated that the divestment allows the company to concentrate its onshore Nigerian presence exclusively on the integrated gas value chain, ensuring the continuity of feed gas supply to Nigeria LNG in the future.

The transaction is anticipated to be completed by the end of the year, pending regulatory approvals.

TotalEnergies has divested its 10 per cent stake in a collection of Nigerian oil and gas production licenses to Mauritius-based Chappal Energies for $ 860 million, the French energy company announced. The 18 licenses are part of an unincorporated joint venture with Shell Petroleum Development Company of Nigeria (holding 30 per cent), the Nigerian National Petroleum Corporation (holding 55 per cent), and Nigerian Agip Oil Company (holding 5 per cent). Chappal Energies specialises in investments in high-value and distressed brownfield upstream assets in the Niger Delta region. TotalEnergies indicated that 15 of the licenses primarily produce oil, with Total's share amounting to 14,000 barrels of oil-equivalent per day in 2023. The remaining three licenses, which produce natural gas, currently supply 40 per cent of TotalEnergies' LNG gas from Nigeria. The company mentioned that despite selling the participation stake to Chappal, it would retain full economic interest. Nicolas Terraz, president of exploration and production at TotalEnergies, stated that the divestment allows the company to concentrate its onshore Nigerian presence exclusively on the integrated gas value chain, ensuring the continuity of feed gas supply to Nigeria LNG in the future. The transaction is anticipated to be completed by the end of the year, pending regulatory approvals.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

NABARD Holds Seminar on Vigilance, Integrity and Good Governance

National Bank for Agriculture and Rural Development (NABARD) organised a seminar on “Vigilance: Strengthening Integrity and Good Governance” on 25 August 2026 at its Head Office in Mumbai as part of the ongoing Vigilance Awareness Campaign 2026 being observed from 17 August to 16 November 2026, with the theme “Probity for Prosperity."" The seminar was graced by Suresh N Patel, Former Central Vigilance Commissioner, Government of India, as the chief guest and keynote speaker.  The programme was attended by G S Rawat, Deputy Managing Director, Dr Ajay K Sood, Deputy Managing Dire..

Next Story
Equipment

XCMG Unveils World's First 14,000-Ton Ring Crane for Heavy Lifting

XCMG has announced that the first main unit of the world's first 14,000-ton ring crane has rolled off the production line, marking a historic breakthrough in ultra-heavy lifting technology. Jointly developed by XCMG and Sinopec Heavy Lifting & Transportation Co., Ltd., the crane will be the largest-capacity ring crane ever built, setting a new benchmark for major construction projects worldwide.The crane features a modular configuration comprising two main units that work in tandem. The first main unit has completed final assembly and can independently perform lifting operations. Once both..

Next Story
Infrastructure Urban

Thriveni Logistics orders 200 tip trailers from Jagdamba trailers

Jagdamba Trailers (JTPL), one of India’s growing trailer manufacturers, has secured a significant order for 200 Tip Trailers from Thriveni Transport and Logistics Pvt. Ltd., a leading mining and logistics company serving operations across India and overseas.The order, placed for iron ore transportation, is a major milestone for JTPL, particularly as the company secured the business after competing with more than 10 established trailer manufacturers. It also strengthens an already successful relationship between the two companies. Approximately one and a half years ago, Thriveni Transport and..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code