TotalEnergies SE has signed a deal to sell its 12.5 percent stake in Nigeria’s OML118 production sharing contract, which contains the producing Bonga field, to Shell PLC for $510 million.
The French company, through subsidiary TotalEnergies EP Nigeria Ltd., derived 11,000 barrels of oil equivalent a day (boed) from its share of production in the block, mainly oil, in 2024.
Shell, the operator through Shell Nigeria Exploration and Production Co. Ltd. (SNEPCo), will increase its stake to 67.5 percent. The other owners are Exxon Mobil Corp. through Esso Exploration and Production Nigeria (20 percent) and Eni SpA’s Nigerian Agip Exploration Ltd. (12.5 percent).
Located in deep waters 120 kilometers (74.56 miles) south of the Niger Delta, OML118 contains the Bonga field, which started production 2005 and has a capacity of 225,000 barrels of oil per day, and the Bonga North field, which the consortium approved 2024. The partners expect to put Bonga North into production by 2030 with a peak rate of 110,000 barrels of oil per day.
“Following our final investment decision on Bonga North last year, this acquisition brings another significant investment in Nigeria deep-water that contributes to sustained liquids production and growth in our Upstream portfolio,” Shell upstream president Peter Costello said in an online statement.
Shell said the acquisition will help it achieve a pledge made earlier this year to deliver a total peak production of over one million barrels of oil equivalent a day (boed) from upstream and integrated gas projects between 2025 and 2030.
Nicolas Terraz, TotalEnergies president for exploration and production, said in a separate press release, “TotalEnergies continues to actively high-grade its Upstream portfolio, to focus on assets with low technical costs and low emissions, and to lower its cash breakeven”.
“In Nigeria, the Company is focusing on its operated gas and offshore oil assets and is currently progressing the development of Ubeta project, designed to sustain gas supply to Nigeria LNG”.
Last year TotalEnergies penned an agreement to divest its 10 percent interest in the SPDC Joint Venture (JV) in Nigeria to local player Chappal Energies Mauritius Ltd. for $860 million.
On March 13, 2025, Shell announced it had completed a transaction selling its 30 percent stake in the SPDC JV to Renaissance Africa Energy Holdings as part of the Nigerian consortium’s $1.3 billion takeover of Shell Petroleum Development Company of Nigeria Ltd. (SPDC).
The SPDC JV holds 15 onshore oil mining leases (OMLs) and three shallow-water OMLs.
“The divestment of SPDC aligns with Shell’s intent to simplify its presence in Nigeria through an exit of onshore oil production in the Niger Delta and a focus of future disciplined investment in its Deepwater and Integrated Gas positions”, Shell said then.
Nigerian National Petroleum Co. Ltd. is the majority owner of the SPDC JV holding 55 percent. Eni owns the remaining five percent, previously held via Nigerian Agip Oil Co. Ltd. (NAOC). The Italian state-controlled company sold NAOC to local player Oando PLC for nearly $800 million last year but has retained its SPDC JV stake.
To contact the author, email jov.onsat@rigzone.com
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