Total SA (TOT,TTA.L) Monday announced an agreement to sell its 20 percent contractor interest in OML 138 block to a wholly owned subsidiary of China Petrochemical Corp., for approximate cash consideration of $2.5 billion, subject to post-closing adjustments.
The OML 138 block contains the Usan field which started production in February. The agreement is however, subject to approval by the Nigerian authorities.
"The sale of an asset operated from a minority position will allow us to focus our resources on the material growth opportunities in Total's portfolio," said Yves-Louis Darricarrère, President Upstream at Total.
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