TotalEnergies has signed an settlement with Shell to promote its 12.5% curiosity within the Bonga oil discipline, offshore Nigeria, for $510 million.
The OML118 Manufacturing Sharing Contract (PSC) is positioned deep offshore at ~74 mi (120 km) south of the Niger Delta in Nigeria, and comprises the Bonga discipline, which began manufacturing in 2005, in addition to the Bonga North discipline, the event of which began in 2024. Manufacturing from the OML 118 PSC, which is especially oil, represents roughly 11,000 boed in TotalEnergies’ firm share in 2024.
Shell’s stake will improve to 67.5% upon completion of the deal. Esso Exploration and Manufacturing Nigeria holds 20% curiosity, and Nigerian Agip Exploration holds 12.5%.
“TotalEnergies continues to actively high-grade its Upstream portfolio, to give attention to belongings with low technical prices and low emissions, and to decrease its money breakeven” mentioned Nicolas Terraz, President Exploration & Manufacturing at TotalEnergies. “In Nigeria, the corporate is specializing in its operated gasoline and offshore oil belongings and is presently progressing the event of Ubeta mission, designed to maintain gasoline provide to Nigeria LNG.”
