Summary Energy groups have been slashing their investments in a bid to shore up earnings
PARIS (AFP) - French oil giant Total said Monday that it has sold its stake in a Nigerian oil field to a local company for $569 million (523 million euros).
Total s sale of its share in the onshore Oil Mining Lease 29 to Aiteo Eastern E&P comes after the French group made two similar divestments in Nigeria. The three transactions reached a sum of $1 billion.
"These transactions ... reduce our exposure to non-operated blocks onshore Nigeria, and allow us to focus on our core, operated developments," said Patrick de La Chevardiere, Total s Chief Financial Officer.
The group added that the divestment is "in line with the Federal Government of Nigeria s aim of developing Nigerian companies in the sector".
Energy groups have been slashing their investments in a bid to shore up earnings, as crude prices have collapsed by about 60 percent since June.
