TotalEnergies SE Divests 12.5% Stake in Nigeria's Bonga Field to Shell Nigeria for $510 Million
TotalEnergies SE has divested a 12.5% stake in Nigeria's Bonga field to Shell Nigeria for $510 million. The agreement involves the sale of TotalEnergies' non-operated interest in the OML118 Production Sharing Contract, which includes the Bonga and Bonga North fields. This move is part of TotalEnergies' strategy to focus on low-cost and low-emission assets while prioritizing its operated gas and offshore oil operations in Nigeria. The transaction is pending regulatory approvals.
TotalEnergies SE has announced the signing of an agreement with Shell Nigeria Exploration and Production Company Ltd (SNEPCo) to sell its non-operated 12.5% interest in the OML118 Production Sharing Contract (PSC) for $510 million. The OML118 PSC, located offshore 120 km south of the Niger Delta in Nigeria, includes the Bonga field and the Bonga North field, which began development in 2024. The transaction aligns with TotalEnergies' strategy to focus on assets with low technical costs and emissions, while concentrating on its operated gas and offshore oil assets in Nigeria. Completion of the transaction is subject to customary conditions, including regulatory approvals.
