Shell acquires TotalEnergies stake in Nigeria oil field
PARIS - France's TotalEnergies said Thursday it would sell its stake in a major offshore oil field in Nigeria to UK energy giant Shell for $510 million.
TotalEnergies is giving up its 12.5 percent stake in the Bonga field, increasing Shell's own share to 67.5 percent, the companies said in separate statements.
The French firm is withdrawing from a production-sharing agreement that the Nigerian state signed in 2021 with TotalEnergies, Shell, US oil major ExxonMobil and Italy's Eni following two years of tough negotiations.
Bonga is part of the OML 118 block, 120 kilometres (75 miles) south of the Niger Delta. The field is expected to have a production capacity of 250,000 barrels per day.
"This acquisition brings another significant investment in Nigeria deep-water that contributes to sustained liquids production and growth in our Upstream portfolio," said Shell's upstream business president Peter Costello.
Nicolas Terraz, TotalEnergies prsident for exploration and production, said the French firm was "focusing on its operated gas and offshore oil assets" in Nigeria.
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Daily Maverick
9 hours ago
- Daily Maverick
Jacob Zuma's future looks rocky as court trial looms and MK woes heat up
The National Prosecuting Authority wants to get Jacob Zuma in the dock without further delay, and the former president must also contend with his political party once again being in turmoil. Hours after the High Court in Pietermaritzburg this week dismissed Jacob Zuma's application to have the Arms Deal charges against him thrown out, the former president held a media briefing to announce that his uMkhonto Wesizwe (MK) party had once again fired a secretary-general. This time, Floyd Shivambu was shown the door. The long-running Arms Deal case involving Zuma and French arms company Thales is set to proceed after Judge Nkosinathi Chili dismissed the two parties' application, which had been brought on the basis that they wouldn't receive a fair trial because the case had dragged on for decades and two witnesses, former Thales directors, had died. The judge said he was not persuaded by their arguments. National Prosecuting Authority (NPA) spokesperson Mthunzi Mhaga said the organisation had long believed that this was a 'rehearsed application' and felt vindicated by Judge Chili's decision. The NPA will now apply for the court to begin hearing evidence after the trial resumes in December, regardless of whether Zuma appeals against the decision. 'We hope that there will be no more interlocutory applications that will have an undesirable impact or effect of delaying the trial,' said Mhaga. 'We hope it resumes without any further delays.' Zuma and Thales face charges including corruption, racketeering, money laundering and fraud related to the 1999 Arms Deal. Zuma is accused of receiving payments totalling R4.1-million between 1995 and 2004 from his former financial adviser, Schabir Shaik, and his companies, allegedly to promote Thales' interests. Zuma has repeatedly challenged elements of the case, particularly the involvement of prosecutor Billy Downer, which has led to significant delays. Shivambu's axing Meanwhile, the revolving doors at Zuma's MK party, which he banded together from disgruntled members of the ANC, EFF and IFP, continue to spin. This latest decision to remove former EFF deputy president Floyd Shivambu from his position as secretary-general of the MK party leaves a key position vacant as the 2026 local government elections draw nearer. The role of the secretary-general in many a local political party is seen as crucial and powerful as this person is tasked with overseeing day-to-day operations and ensuring the smooth running of its internal machinery. In MK this position is now vacant after Shivambu recently visited fugitive pastor and self-proclaimed prophet Shepherd Bushiri in Malawi. The Enlightened Christian Gathering Church founder faces more than 350 criminal charges in South Africa including fraud, money laundering, racketeering and rape. Shivambu, who will be deployed to Parliament, insisted on an interview on SABC last week Zuma himself had approved the trip, but this was denied. Even now, Shivambu's reasons for the trip remain unclear. The visit violated MK's constitution, national chairperson Nkosinathi Nhleko said earlier this week. Some senior members of the party have argued that removing Shivambu was a calculated strategic decision. Others believe it was driven by tribal loyalties, and perhaps most significantly, some view it as part of a succession battle in the MK party. In his influential positions, first as national organiser and then as secretary-general of MK, Shivambu amassed considerable control over key aspects of the party, including political education, governance, building structures and party finances. His rise was increasingly seen as an attempt to position himself as a future MK leader, which some believe threatened the influence of the party's founders. Who will Zuma appoint? The search is now on for MK's next secretary-general – the party's sixth one since its formation in December 2023. According to MK's constitution, Zuma as party president has the prerogative to hire and fire its leaders at will. An insider said: 'It all boils down to what Nxamalala [Zuma] decides.' Daily Maverick understands from sources in the MK party that internal lobbying for the position is taking place. The names of one of the party's founding members, Phumlani Mfeka, and spokesperson Nhlamulo Ndhlela are among those going round as Shivambu's potential successors. Daily Maverick understands that in the past two weeks, Zuma has had meetings with both Mfeka and Ndhlela. Prior to the meetings, Zuma met allied traditional leaders, who expressed their views on who should take over the reins, endorsing Mfeka. Mfeka is a member of the Injeje yabeNguni Council, a traditional leadership body. Earlier this year, he resigned from both MK and his position in the KwaZulu-Natal legislature, citing a deviation from the party's founding principles and the sidelining of traditional leadership structures. Prior to his involvement with the MK party, Mfeka was associated with a Pan-Africanist civic group. He later endorsed the Mazibuye African Congress, a pro-Zuma political party. Mfeka was already receiving 'special treatment' as per Zuma's instructions, a source said. Traditional leader Prince Khulekani Dlomo said amakhosi (chiefs) hoped that talk of Mfeka's appointment would become a reality. 'We are in prayers as amakhosi for these murmurs to become a reality. We would be thankful if such a position was taken up by someone with royal blood.' Beyond Mfeka's roots, Dlomo said he was the man for the job, praising his character and commitment to traditional leadership. 'It would bring about much stability and respect in various structures and communities… He is a bright child, a very truthful and principled young man.' But, equally, there is a strong push to have Ndhlela, the nephew of former South African Revenue Service (SARS) commissioner Tom Moyane, take up the position. In 2016, amaBhungane broke a story revealing that a company controlled by Ndhlela had won a R2.2-billion tax collection contract from SARS that could net him around R220-million. Ndhlela has been MK's only national spokesperson since the party's launch. Considering the regular reshuffling, resignations and sackings taking place in MK, this is quite an achievement. For example, the positions of secretary-general and treasurer-general have been occupied by eight individuals in the space of a year. This has all taken place without MK ever holding an elective conference or explaining the party's decisions to its constituency. 'More damage than good' Some party members have welcomed Shivambu's axing. 'All of us are relieved at how things have played out. I think it's safe to say the biggest battle has been won,' one MK insider said. In September 2024, Shivambu led the party's municipal campaign in ward 33 in eThekwini, his first as a national organiser. It should have been a shoo-in for MK in an area where the DA was failing and the ANC was basically dead. The MK party had won more than 45% of the vote in KwaZulu-Natal in May last year, but Shivambu's efforts fell flat as its share of the vote dropped significantly in the by-election. Though MK has improved its votes in several other by-elections, it has struggled to maintain the momentum of the 2024 general elections. The insider said of Shivambu's time as a leader in the party: 'He did a lot more damage than good. We were bleeding people in KZN who are not used to that kind of leadership style. Come elections, we are confident that we will be able to recover lost ground.' Patrick Sindane, a former MK party member who chose to leave, dismissed claims that Shivambu's removal was a strategic decision, as some have suggested. Reflecting on his time in the party as someone with EFF roots, Sindane offered a blistering account of MK's internal dynamics on Radio 702. 'We were still associated and identified as EFF members and life is extremely difficult for you in MK if you come from the EFF, I can tell you from my own experiences,' he said. Whenever those who had defected from the EFF made suggestions about how the party ought to be run, they would be accused of 'bringing an EFF mentality, trying to hijack the organisation, and wanting to take over the organisation'. An MK party source said Zuma was particularly unimpressed with Shivambu's conduct, but feared getting rid of him as this might bring about more instability ahead of the local elections. This led to his redeployment to Parliament. 'It is not a strategic move. The only reason he gets to stay is to try to find some stability and work towards the local government elections, but beyond that, his days are numbered,' the source said. Tough times ahead As Shivambu prepares to make a comeback in Parliament, difficult times await him, particularly because the MK party is led in the house by John Hlophe, with whom he is rumoured not to be on good terms. He will also have to work with the likes of Ndhlela and Zuma's daughter Duduzile Zuma-Sambudla, who are said to be part of a faction that believes high-profile members who came from the EFF and ANC and were parachuted into senior positions, including Shivambu, Dali Mpofu, Mzwanele Manyi and Willies Mchunu, are destroying what the 'December 2023 crew' had started. On one occasion, Zuma-Sambudla publicly insulted Shivambu, calling him 'useless' and 'the worst thing that happened to MK'. She was later forcedto apologise. Shivambu will also work closely with Colleen Makhubele, who was recently appointed as MK's chief whip. Though Shivambu is more seasoned in parliamentary affairs, Makhubele holds seniority in rank and now occupies one of the top leadership roles in the party's caucus. Before her parliamentary debut, Makhubele led the South African Rainbow Alliance, a fledgling political outfit she had founded in the run-up to the 2024 elections. Despite bold ambitions, it barely made a dent at the polls, securing only 12,450 votes nationwide – a mere 0.03% – and later joined the chorus of voices alleging the elections had been rigged. Beyond these challenges, Shivambu's return also carries the burden of unresolved tensions with former EFF colleagues and the need to prove his political relevance beyond his time in the red berets. His comeback could also revive old rivalries. DM This story first appeared in our weekly DM168 newspaper, available countrywide for R35.
eNCA
11 hours ago
- eNCA
EU states look to trim compensation for flight delays
BRUSSELS - EU countries have backed a plan to allow airlines to incur longer flight delays before having to compensate passengers -- a contested move intended to be offset by several new passenger rights. At present, passengers in Europe have a right to between 250 and 600 euros ($285-685) in compensation, depending on flight distance, for delays of three hours or more. But airlines complain that it leaves them a hefty bill, and often leads them to cancel flights rather than run them with a long delay, due to knock-on effects on flight schedules. A majority of EU states agreed late Thursday to change the rules, overcoming opposition from Germany in particular, following hours of painstaking negotiations in Luxembourg. Under the new system, the compensation threshold would increase to four hours for flights of up to 3,500 kilometres (2,175 miles), or connecting cities inside the European Union, with its amount set at 300 euros. For longer flights, the right to compensation of 500 euros would kick in after a six-hour delay. The European Consumer Organisation BEUC slammed the plan, saying the "new eligibility thresholds will deprive the majority of passengers from their compensation rights", as most delays are between two and four hours. It urged European lawmakers -- who have yet to approve the text -- to uphold passengers' rights. The compromise did not satisfy airlines either, with the umbrella group Airlines for Europe (A4E) -- which includes Air France-KLM, Lufthansa, Ryanair and easyJet -- complaining that it "introduced even more complexity" than the initial European Commission plan. But a spokesperson for the French aviation industry federation called it a "step forward" for consumers. The rules changes "clarify the law and will avoid many recurrent court disputes," said the spokesperson, Laurent Timset. Poland's infrastructure minister Dariusz Klimczak, whose country currently holds the EU presidency, meanwhile cheered the creation of "over 30 new rights" for passengers, in a statement announcing the deal. Those include a "right to be rerouted" at the earliest opportunity, including through flights operated by other carriers or alternative transport modes. The plan also creates a system for passengers to be automatically compensated for flights cancelled within 14 days of departure. And it spells out the right to assistance -- refreshments, food, accommodation -- when travel is disrupted. France's transport minister Philippe Tabarot declared himself satisfied with the compromise.
TimesLIVE
a day ago
- TimesLIVE
Petrobras aims to make Africa its main exploratory region outside Brazil: CEO
Africa By Petrobras aims to make Africa its main region of development outside Brazil, the state-run oil giant's CEO told Reuters on Thursday during a wide-ranging interview about the company's strategy. Ivory Coast has extended the "red carpet" for Petrobras to explore deep and ultra-deep waters off its coast, when it gave the company preference in buying nine offshore exploratory blocks on Wednesday, said Petrobras CEO Magda Chambriard. She added that Nigeria, Angola and Namibia have also expressed interest in working with the Brazilian giant. "We are experts in the eastern margin of Brazil," said Chambriard, citing geological similarities between the region and Africa. "The correlation between Brazil and Africa is unequivocal, so we need to go to Africa." In recent years, Petrobras has shown an interest in buying stakes in oil assets abroad, especially in Africa, as it looks to boost reserves while it faces delays in obtaining environmental permits to drill for new oil off the coast of the Amazon rainforest. Petrobras is also seeking to explore India's coast, taking part in an upcoming oil block auction scheduled for July, Chambriard said. Petrobras's plans mark a return to the African continent after the company divested assets in the region under previous governments, as part of a broad plan that made the company focus on high-productivity areas in Brazil's pre-salt fields. The plans to explore new oil fields are part of Chambriard's strategy to handle the critical task of balancing President Luiz Inacio Lula's ambitions to use Petrobras to boost the economy with delivering profits to its investors, all while contending with the global challenge of lower oil prices. Petrobras, a cornerstone of Brazil's economy, is also at the center of high-stakes tension within Lula's administration, which aims to leverage oil revenues for economic growth while showcasing Brazil, the host of the upcoming COP30 climate summit, as a champion in the global fight against climate change. The company's plans to drill for oil off the coast of the Amazon rainforest, in the Foz do Amazonas region, have faced delays in obtaining environmental permits. But Chambriard told Reuters she believes the company will clear the last step to getting a permit to drill in the region in the second half of July. Meanwhile, the company's plans in Africa have already started being implemented. In 2023 it bought a stake in an offshore oil field in South Africa and in early 2024 it purchased an interest in fields in the island nation of Sao Tome and Principe, where it hopes to drill a well this year, Chambriard said. Despite the recent efforts, Chambriard said the firm was outbid by France's TotalEnergies for a share in Galp Energia's offshore discovery in the Mopane field in Namibia. "We hope to be invited" to develop Mopane, Chambriard added, without giving further details. Lower Brent oil crude prices have pushed the company to cut costs and simplify projects in Petrobras's upcoming strategic plan for the 2026-2030 period, Chambriard said. During the firm's first-quarter earnings call with analysts last month, Chambriard had already signalled a move towards austerity, pleasing investors. But Chambriard did not clarify whether cost-cutting efforts would impact the company's investment plans. If confirmed, a retreat from investment plans could mark a stark reversal for the Brazilian oil giant since Lula took office in 2023 and pushed the company to invest more to boost Brazil's economy. The firm is set to finally widen its role in Brazil's fertiliser production, as it expects to resume operation on two plants in the states of Sergipe and Bahia by the end of the year, Chambriard said. The CEO also confirmed a Reuters report that the firm is unhappy with the current level of control it has over petrochemical firm Braskem, and is looking for changes to a shareholders agreement that could give the oil company more power in Braskem's decision-making process. Petrobras has a 47% voting stake in Braskem but has appointed four of its 11 board members and one director out of seven, representation it considers insufficient, Reuters reported last week. Petrobras has no interest in having majority control over the firm, but it wants more power over it to "guarantee synergies", Chambriard said, without providing further details. Braskem is a "very important asset", Chambriard said. But, she added, "from our current point of view, Braskem's management is not what we want".
