TotalEnergies and Shell on divergent divestment paths in Nigeria
TotalEnergies plan to divest its oil assets within the Shell JV reveals a divergent approach from Shell, which is exiting its JV business entirely. In previous deals, the IOCs in the JV acted in unison, selling their combined equity in selected assets. The French Major is holding onto OMLs 23 and 28, key gas suppliers to Nigeria LNG. But Shell's exit would leave it in key gas assets with at least 85% indigenous ownership. This report provides Wood Mackenzie's current valuation of the the proposed divestments and lays out how gas supply risks to NLNG will be mitigated.