Total (TOT) is selling its 20% stake and operating mandate of OML 138 block offshore Nigeria,...

|By:, SA News Editor

Total (TOT) is selling its 20% stake and operating mandate of OML 138 block offshore Nigeria, containing the Usan field which started production in February, to a local unit of Sinopec (SNP) for $2.5B. The sale, along with others such as that of its TIGF gas storage unit, means TOT will have completed about half of the $15B-$20B of disposals it plans to make by 2015. TOT +1.4% premarket.