TotalEnergies has completed the sale of its 12.5% non-operated stake in Nigeria’s deepwater Bonga field, marking another step in its ongoing upstream portfolio rebalancing.
The company confirmed that its subsidiary, TotalEnergies EP Nigeria (TEPNG), finalized the divestment of its interest in the OML 118 Production Sharing Contract to existing partners Shell Nigeria Exploration and Production Company Ltd. (10%) and Nigerian Agip Exploration (2.5%). The aggregated transaction value is $510 million.
The Bonga field, Nigeria’s first deepwater development, remains a core offshore asset operated by Shell. TotalEnergies has been present in Nigeria for more than six decades and produced 209,000 boed in the country in 2024 across its upstream portfolio. The company also operates a nationwide downstream network of more than 540 service stations.
TotalEnergies said it remains committed to Nigerian operations and to ongoing engagement with host communities as it continues to streamline its global asset base.
