TTE TotalEnergies SE

By Inti Landauro

PARIS--French oil company Total SA (TOT) said Monday that it has completed the sale of assets in Nigeria for about $1 billion as the company in a process of raising cash from asset sales as it grapples with falling oil prices.

Total sold stakes in onshore ventures in Nigeria including a stake in the Oil Mining Lease 29 to Nigerian company Aiteo Eastern E&P for $569 million, the company said. Total sold stakes in ventures it doesn't operate.

The sales are part of a Nigerian government plan to develop local oil companies.

Total said last month it plans to shed $5.5 billion worth of less-profitable assets this year in an attempt to raise overall profitability to offset the negative effects that low oil prices are having on its balance sheet.

Write to Inti Landauro at inti.landauro@wsj.com

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