- TotalEnergies (TTE, Financial) has divested its 12.5% non-operated interest in Nigeria's Bonga Field for $510 million.
- The buyer of the stake is Shell Nigeria Exploration and Production Company Ltd (SNEPCo), which operates the OML118 Production Sharing Contract.
- This divestment aligns with TotalEnergies' strategic focus on low-cost, low-emission assets.
TotalEnergies (TTE) announced the sale of its 12.5% non-operated stake in Nigeria's OML118 Production Sharing Contract, which includes the Bonga and Bonga North fields, to Shell Nigeria Exploration and Production Company Ltd (SNEPCo). The transaction is valued at $510 million and is pending customary regulatory approvals. SNEPCo, the operator, holds a 55% interest, with other stakeholders including Esso Exploration and Production Nigeria and Nigerian Agip Exploration, both owning 20% and 12.5% respectively.
The Bonga field, situated 120 km offshore south of the Niger Delta, began production in 2005. The Bonga North field initiated its development phase in 2024. As of 2024, the OML 118 PSC produced approximately 11,000 barrels of oil equivalent per day (boe/d) as per TotalEnergies' share.
This divestment forms part of TotalEnergies' strategy to refine its upstream portfolio, prioritizing assets with lower technical costs and reduced emissions. Nicolas Terraz, President of Exploration & Production at TotalEnergies, indicated a strategic shift towards the company's operated gas and offshore oil assets in Nigeria, highlighting the advancement of the Ubeta project to sustain gas supply to Nigeria LNG.
TotalEnergies has been operational in Nigeria for over 60 years, employing over 1,800 individuals and producing a total of 209,000 boe/d in 2024. The company also operates around 540 service stations within the country, contributing significantly to local socio-economic development.
