VenturesNow

Nigeria: French oil giant, TotalEnergies, joins train to sell stake in onshore oil production

Published

3 years ago

April 29, 2022

The wave of multinationals leaving African countries has continued as French oil major TotalEnergies has announced it will put up for sale its minority stake in a Nigerian oil joint venture.

TotalEnergies Chief Executive Officer, Patrick Pouyanne, was quoted by international media – Bloomberg that “disruption of local communities are sources of great concern in the country,”

The firm attributed its plans to join the bandwagon of other oil majors and sell its stake in an onshore oil production joint venture in Nigeria to the disruption of local communities which has become a source of great concern.

Last year, Royal Dutch Shell, entered talks with the Nigerian government to sell the Anglo-Dutch company’s stake in onshore oilfields, CEO Ben van Beurden.

In February, Seplat Energy Plc, unveiled plans to acquire the entire share capital of Mobil Producing Nigeria Unlimited (MPNU) from Exxon Mobil Corporation Delaware (USA Incorporated). That includes all of Exxon’s entire shallow water assets in the Niger Delta.

The French energy giant will look to offload its 10 percent interest in a firm that holds 20 onshore and shallow water permits in the West African country, Mr. Pouyanne said.

Shell Plc, the operator of the licenses, is already considering bids from four local firms for its 30 percent shareholding in the company,” he said.

African countries have experienced departures of multinationals. Last month, ride-hailing company, Uber, suspended its services in Tanzania as a result of regulations that are not business-friendly which has made its operation in the East African country. Standard Chartered Bank also announced it has ended its operations in some African countries earlier this month.

Related Topics:Featured onshore oil production TotalEnergies

Click to comment

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

2 days ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

3 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”