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.