Following Shell’s completed sale of its onshore and shallow water assets in Nigeria, only two major international oil companies remain in the sector—Chevron and TotalEnergies.
ExxonMobil’s Nigerian subsidiary Mobil Producing Nigeria Unlimited (MPNU) was taken over by Seplat Energy, while Oando Plc acquired Eni’s onshore assets. Industry analysts predict Chevron will soon invite bids for its remaining stakes once regulatory approvals are streamlined. However, TotalEnergies’ stance on selling its onshore and shallow water assets remains uncertain.
Chevron holds a 40% stake in Oil Mining Leases (OMLs) 49, 89, 90, 91, and 95, with one onshore and the rest in shallow waters. TotalEnergies holds similar stakes in OML 58, as well as OMLs 99, 100, and 102.
In the past decade, Chevron has divested stakes in seven OMLs, but its next sales will likely follow the pattern of recent corporate exits, involving entire companies rather than individual OML transactions.
TotalEnergies, the largest exploration and production investor in Africa among its peers, recently sold two marginal fields, Olo and Olo West, to Aradel Holdings. The company is also finalizing the divestment of its 10% stake in the SPDC/TOTAL/ENI/NNPC joint venture to Nigerian firm Chappal Energies. Eni has stated it is not currently selling its non-operated interest in the JV.
Source: Africa Oil & Gas Report
