French oil giants TotalEnergies have announced that its subsidiary TotalEnergies Nigeria 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 OML118 Production Sharing Contract (PSC) in the Bonga oil field for $510 million.
About the OML 118
OML118 PSC is operated by SNEPCo (55%), in partnership with Esso Exploration and Production Nigeria (20%), TotalEnergies EP Nigeria (12.5%), and Nigerian Agip Exploration (12.5%).
The Oil field is located deep offshore at 120 km south of the Niger Delta in Nigeria and contains the Bonga field, which started production in 2005, as well as the Bonga North field, which was developed in 2024.
Announcing the sale, Nicolas Terraz, President Exploration & Production at TotalEnergies said “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.”
Completion of the transaction is subject to customary conditions, including regulatory approvals.
