Total (TOT -0.3%) is seeking to sell its 12.5% stake in the OML 118 deepwater oil block off the coast of Nigeria for ~$750M, Reuters reports.
The sale process is part of TOT's plan to divest $5B of assets around the world by 2020, according to the report.
Production from the block is expected to grow sharply with the $10B development of the Bonga Southwest field, which is expected to produce as much as 200K bbl/day, ~10% of Nigeria's current oil production.
OML 118 is operated by Royal Dutch Shell (RDS.A, RDS.B), which holds a 55% interest, Exxon Mobil (NYSE:XOM) owns a 20% stake and TOT and Eni (NYSE:E) each hold 12.5%.
Try Seeking Alpha PREMIUM for unlimited analysis on TOT
