Burkina Faso: TotalEnergies sells its assets after a similar operation in Mali

French oil group Total Energies is continuing its withdrawal from certain West African markets with the announcement, on Tuesday 18 February, of the sale of its assets in Burkina Faso to Coris Investment Group, a company headed by Burkina Faso businessman Idrissa Nassa. This transaction comes a few weeks after the sale of its activities in Mali to Coly Energy Mali, in partnership with Benin Petro SA, according to information reported by the African Press Agency (APA).

The announcement of the sale to Burkina Faso was made by Badara Mbacké, Head of Business Development for West Africa at Total Energies, at a meeting with Serge Gnaniodem Poda, Burkina Faso's Minister of Industry, Trade and Crafts. "We came to inform the authorities about the development of our portfolio in Africa and the conclusion of an agreement with a major player in Burkina Faso, Coris Investment Group, to take over our assets in the country," said Mbacké after the audience, quoted by APA.

This deal echoes the one concluded in January in Mali, where Total Energies sold its activities to Coly Energy Mali. The agreement, formalised at a meeting between a delegation from Coly Energy, led by René Hounsinou, and Mali's Prime Minister, General Abdoulaye Maïga, preserved the company's 1,109 jobs, according to the same source. These disposals are part of a reorganisation of the oil group's activities in Africa, where it appears to be favouring a strategic refocusing.

In Burkina Faso, Coris Investment Group, already well established in the banking and insurance sectors, is entering the energy sector with this acquisition. The transaction, the amount of which was not disclosed, remains subject to regulatory procedures relating to mergers and acquisitions, according to APA. Once finalised, it will mark a turning point for this local player, strengthening its economic diversification in a country where access to energy remains a major issue.

These successive withdrawals by Total Energies from Mali and Burkina Faso come against a regional backdrop of political transition and security challenges. Both countries, which have been ruled by military juntas since coups d'état in 2021 and 2022 respectively, are seeking to strengthen their economic sovereignty, particularly in the management of resources and partnerships with foreign companies. The sale of Total Energies' assets to local players could reflect the Group's adaptation to these dynamics.

For the time being, neither Total Energies nor Coris Investment Group have provided any further details on the operational prospects or social impact of this sale in Burkina Faso. All eyes are now on the regulatory authorities, whose approval will be crucial to the finalisation of this new stage in the evolution of the West African energy landscape.