TotalEnergies has completed the sale of its entire 12.5% non-operated stake in Nigeria’s deepwater Bonga field for $510 million, marking a significant step in the French energy major’s ongoing upstream portfolio rebalancing.
The company confirmed that its subsidiary, TotalEnergies EP Nigeria, finalized the divestment of its interest in the OML 118 Production Sharing Contract to existing partners. Shell Nigeria Exploration and Production Company acquired 10% of the stake, increasing its operated interest to 65%, while Italian energy company Eni’s subsidiary Nigeria Agip Exploration exercised its pre-emption right to acquire the remaining 2.5%, raising its stake from 12.5% to 15%. Esso Exploration and Production Nigeria maintains a 20% interest in the project.
The Bonga field remains Nigeria’s first deepwater development and a core offshore asset operated by Shell. The field operates under the OML 118 Production Sharing Contract on behalf of the Nigerian National Petroleum Company. For Eni, the acquisition aligns with its strategy to optimize its upstream portfolio and strengthens the company’s commitment to deepwater projects in Nigeria. The transaction has received all necessary regulatory approvals.
Last year, the partners took a final investment decision on the Bonga North subsea tieback to the Bonga Main FPSO. The development involves drilling, completing and starting up eight new production wells and eight water injectors, installing new subsea infrastructure, and associated modifications to the FPSO. Shell estimates Bonga North’s recoverable resource at more than 300 million barrels of oil equivalent, with expected peak oil production of 110,000 barrels per day and startup occurring before the end of this decade.
Despite the divestment, TotalEnergies said it remains committed to Nigerian operations and to ongoing engagement with host communities as it continues to streamline its global asset base. The company has been present in Nigeria for more than six decades and produced 209,000 barrels of oil equivalent per day in the country in 2024 across its upstream portfolio. The company also operates a nationwide downstream network of more than 540 service stations.
Eni has been present in Nigeria since 1962, with an average equity production of 50,000 barrels of oil equivalent per day in 2025.Sources: worldoil.com, offshore-mag.com, energy-pedia.com, bairdmaritime.com