US EditionNigeria: Shell to Pay TotalEnergies $510m for Bonga Field Acquisition
- On May 29, 2025, TotalEnergies EP Nigeria agreed to sell its 12.5% non-operated stake in the offshore oil mining lease OML 118 to Shell Nigeria Exploration and Production Company.
- The sale follows TotalEnergies' strategy to high-grade its upstream portfolio by focusing on low-cost, low-emission assets while Shell prioritizes offshore deepwater and gas projects after exiting onshore production.
- Shell’s acquisition will boost its ownership in OML 118 from 55% to 67.5%, enhancing its role in the offshore oil development that began output in 2005 and has a production capacity of 225,000 barrels per day.
- TotalEnergies will receive $510 million for its stake, and Shell’s President Upstream, Peter Costello, stated that this acquisition reinforces the company’s commitment to deep-water projects in Nigeria, supporting ongoing liquids production and expansion efforts.
- The transaction, subject to regulatory approval, reflects Shell’s focus on expanding offshore production in Nigeria with projects like Bonga North, expected to produce 110,000 barrels per day by decade’s end.
21 Articles
21 Articles
TotalEnergies divests its non-operated interest in Nigeria’s Bonga field
TotalEnergies' Nigerian subsidiary TEPNG has signed an agreement with Shell Nigeria Exploration and Production Company Ltd (SNEPCo) for the sale of its non-operated 12.5% interest in the OML 118 Production Sharing Contract (PSC) for $510mn.
Shell Boost Stake in Nigerian Deepwater as TotalEnergies Exits Bonga Oilfield
Shell will buy TotalEnergies’ 12.5% non-operated stake in the deepwater oilfield Bonga offshore Nigeria, where the UK-based supermajor plans to develop another major project. Shell’s subsidiary operating the Bonga oilfield, Shell Nigeria Exploration and Production Company (SNEPCo), has signed an agreement to buy the French supermajor’s 12.5% stake in the OML 118 Production Sharing Contract, an oil mining lease offshore Nigeria that includes the …
TotalEnergies Sells Stake in Bonga Field to Shell for $510 Million
French oil and gas multinational TotalEnergies has agreed to sell its 12.5% non-operated interest in Nigeria’s Bonga deepwater oilfield to Shell Nigeria Exploration and Production Company (SNEPCo) in a transaction valued at $510 million. The move is part of TotalEnergies’ strategic shift toward a leaner, more efficient upstream portfolio and reflects the changing dynamics [...]
First oil of Mero-4 in Brazil - Inside Oil & Gas
TotalEnergies has announced the first oil from the fourth development phase of the Mero field on the Libra block, located 180 kilometers off the coast of Rio de Janeiro, Brazil, in the pre-salt area of the Santos Basin. Launched in August 2021, this new phase called “Mero-4” will connect 12 wells to the new Alexandre de Gusmão FPSO (Floating Production, Storage and Offloading) unit, with a production capacity of 180,000 barrels of oil per day (b…
Coverage Details
Bias Distribution
- 100% of the sources are Center
To view factuality data please Upgrade to Premium
Ownership
To view ownership data please Upgrade to Vantage
