CEO Patrick Pouyanne said in February that TotalEnergies was looking to exit its 10% stake in the Shell Petroleum Development Company of Nigeria Limited (SPDC), which has struggled with hundreds of oil spills as a result of theft, sabotage and operational issues that led to costly repairs and high-profile lawsuits.
Chappal Energies focuses on investments in deep value and distressed brownfield upstream assets in the Niger Delta region.
The sale includes an interest in 15 licences producing mostly oil, with production netting Total 14,000 barrels of oil-equivalent per day in 2023, the company said.
Three additional licences produce mostly gas and currently account for 40% of TotalEnergies' Nigeria LNG gas supply.
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