A Review of the Nigerian Energy Industry

Oil crash: Total to cut jobs, sell $5bn assets


14 February 2015, Lagos – French oil giant, Total, is planning to sell $5bn worth of assets this year as it plans to accelerate its asset sale programme of $10bn up to 2017, Financial Times reports.:

France’s Total is to cut 180 jobs at Britain’s Lindsey oil refinery and embark on a wider restructuring of its lossmaking plants in France, as it accelerates plans to dispose of billions of dollars of assets after a plunge in crude prices.

The energy group said it could not rule out compulsory redundancies at Lindsey in Lincolnshire, in contrast to its French refineries, where no workers will be laid off.

Total, the last of the big six oil majors to issue results, reported fourth quarter adjusted net income of $2.8bn, down 17 per cent compared to the same period in 2013.

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