(MENAFN) French oil giant Total announced that it is selling its stake in a Nigerian oil field to a local company in a deal worth around USD569 million, The Peninsula Qatar reported.
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 summed USD1 billion.
"These transactions... reduce our exposure to non-operated blocks onshore Nigeria, and allow us to focus on our core, operated developments," Total's Chief Financial Officer said.
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