Moroccan energy group Afriquia Gaz is in the process of acquiring the Mauritanian subsidiary of French energy group Total Energies.
According to a report from the Mauritanian news agency, the regional director of Total Energy informed employees during a meeting that the company is in the process of transferring jurisdictions to Afriquia Gaz, adding that the transition phase will be complete in a few weeks’ time.
TotalEnergies in Mauritania operates in oil and gas exploration and production. Present in the country since 1999, the French company also provides service stations through 40 retail points.
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With 30% of its oil and gas production sourced in Africa, Total Energies has a strong foothold on the continent. However, in recent months, the company came under heavy criticism in South Africa over an alleged $3 billion offshore gas drilling license this month.
A South African climate NGO had launched the campaign demanding the company to stop labeling the transition from oil to gas as a “clean transition.”
Total Energies was sailing in muddy waters long before the South African campaign. In September of this year, South African billionaire Johann Rupert made international headlines for liquidating his shares in the French giant. Rupert’s investment vehicle owned 25% of Total Energy’s stakes.
SOURCE: Morocco news