Total Sells Nigerian Oil Field Stake For $2.5B To Sinopec

Law360, New York (November 19, 2012, 4:08 PM EST) -- French energy giant Total SA has agreed to sell its 20 percent joint venture interest in an offshore Nigerian oil field to China Petrochemical Corp. for $2.5 billion, Total said Monday.

China Petrochemical, better known as Sinopec, will acquire Total's share of the OML 138 block in an all-cash deal. The OML 138 block includes the Usan field, which began production in February, Total said.

The deal is subject to approval by the Nigerian authorities. No timetable for government approval was mentioned in the release, and...
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