TotalEnergies SE has accomplished the sale of its 12.5 p.c stake in Oil Mining Lease (OML) 118, which comprises the manufacturing Bonga discipline, to companions Shell PLC and Eni SpA for $510 million.
Shell Nigeria Exploration and Manufacturing Co Ltd bought 10 p.c, as a substitute of 12.5 p.c as initially supposed. Eni by means of Nigeria Agip Exploration Ltd exercised its preemption proper for two.5 p.c, the events confirmed in separate statements.
The transaction has raised operator Shell’s curiosity to 65 p.c and Eni’s to fifteen p.c. Exxon Mobil Corp retains 20 p.c by means of Esso Exploration and Manufacturing Nigeria Ltd.
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OML118 comprises the Bonga discipline, which began manufacturing 2005 and has a capability of 225,000 barrels of oil per day (bopd), in accordance with Shell.
“Following our remaining funding choice on Bonga North final yr, this acquisition represents one other vital funding in Nigeria deepwater, and is a part of Shell’s technique to additional put money into aggressive current belongings that contribute to sustained liquids manufacturing and development in our upstream portfolio”, Britain’s Shell mentioned.
Anticipated to start out manufacturing by 2030, Bonga North can have a capability of 110,000 bopd, in accordance with Shell’s FID announcement December 16, 2024. Bonga North holds estimated recoverable sources of over 300 million barrels of oil equal. It is going to be a tieback to the Bonga floating manufacturing storage and offloading facility, in accordance with Shell.
“This focused funding contributes in direction of rising Shell’s mixed Built-in Fuel and Upstream whole manufacturing by one p.c per yr to 2030 and contributes in direction of sustaining our 1.4 million barrels per day of liquids manufacturing”, Shell added concerning the acquisition from TotalEnergies.
Italy’s state-backed Eni mentioned individually, “This acquisition is absolutely aligned with Eni’s technique to optimize its upstream portfolio and additional strengthens the corporate’s dedication to deepwater initiatives within the nation”.
“Eni has been current in Nigeria since 1962, with a median fairness manufacturing of fifty Kboed [50,000 barrels of oil equivalent per day] in 2025”, Eni added.
TotalEnergies mentioned Might 29, saying the transaction settlement with Shell, that its OML118 exit was a part of its efforts to refocus funding within the West African nation to its operated fuel and offshore oil belongings.
Nevertheless, TotalEnergies’ deal final yr to promote its 10 p.c stake within the SPDC Joint Enterprise to Chappal Energies Mauritius Ltd had collapsed, in accordance with an internet assertion by the Nigerian Upstream Petroleum Regulatory Fee on September 25, 2025.
On March 13, 2025, Shell mentioned it had accomplished the sale of Shell Petroleum Improvement Firm of Nigeria Ltd (SPDC) because it additionally concentrates on deepwater and built-in fuel belongings. Within the $1.3-billion transaction, the consortium Renaissance Africa took over SPDC and consequently acquired a 30 p.c working stake within the SPDC Joint Enterprise.
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