(Bloomberg) — Total SA, Europe’s second-biggest oil company, sold its stake in Nigerian Oil Mining Lease 29 to Aiteo Eastern E&P for $569 million as part of this year’s plan to speed up asset sales following the crash in crude prices.
The sale brings proceeds to more than $1 billion when also taking into account OML 24 and OML 18 stake sales, the Paris-based company said in a statement. Since 2010, Total has divested interests in 11 onshore Nigerian blocks to local companies.
“These transactions also reduce our exposure to non-operated blocks onshore Nigeria, and allow us to focus on our core, operated developments, such as the Egina project,” Chief Financial Officer Patrick de La Chevardiere said in the statement.
Total Chief Executive Officer Patrick Pouyanne has said he will curb spending and quicken the pace of asset sales after the price of crude oil crashed to six-year lows. The company wants to raise $5 billion through disposals this year, and is targeting a total of $10 billion through 2017.