Multinational TotalEnergies has closed a deal to divest its 12.5% interest in the OML 118 production sharing contract, which includes the Bonga field, located in deepwater offshore Nigeria. The deal was agreed with Shell Nigeria Exploration and Production Company Ltd(SNEPCo), which is currently operating the oil asset.
The sale of the Bonga field interest
The agreed amount for the sale is US$510 million. This move is part of TotalEnergies’ strategy to optimize its global exploration and production portfolio, prioritizing assets with lower technical costs and reduced emissions.
The agreement under the OML 118 structure is one of the most important deepwater concessions in the African country. Right now, it is operated by SNEPCo (55%) and has the participation of Esso Exploration and Production Nigeria(20%), Agip Exploration(12.5%) and so far TotalEnergies EP Nigeria(12,5%).
The Bonga field began production in 2005 and has been an important part of Nigeria’s offshore oil infrastructure. In addition, the area includes theBonga North field, development of which began in 2024. Together, these facilities have contributed about 11,000 barrels of oil equivalent per day to TotalEnergies during the current year.
TotalEnergies continues to actively optimize its exploration and production portfolio, focusing on assets with low technical costs and low emissions, and lowering its breakeven point.
Nicolas Terraz, President of Exploration and Production, TotalEnergies.
The company has been operating in Nigeria for more than 60 years and currently generates 209,000 barrels of oil equivalent per day, making the country one of the world’s leading producers. Moreover, offshore exploration has enabled the company to establish a network of more than 500 service stations and runs various social programs in collaboration with local communities.
With this assignment, Shell consolidates its operational leadership in the Bonga field.
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Source and photo: TotalEnergies
