Deals
Total Sells Nigeria Oil Stake to Sinopec for $2.5 Billion
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Total SA, France’s largest oil company, sold its 20 percent stake in an offshore Nigerian field to China Petrochemical Corp. for about $2.5 billion as part of an asset-disposal program.
The OML 138 block includes the Usan field, which started output in February, Paris-based Total said today in a statement. The asset accounts for about 10 percent of Total’s Nigerian production, which averaged 287,000 barrels a day last year.