(IN BRIEF) TotalEnergies has agreed to sell its non-operated 12.5% stake in the OML118 Production Sharing Contract to Shell Nigeria Exploration and Production Company Ltd (SNEPCo) for $510 million. The deal includes assets in the Bonga and Bonga North fields, located offshore Nigeria. TotalEnergies is continuing to refine its upstream portfolio to focus on assets with low technical costs and emissions, while supporting gas supply to Nigeria LNG through the Ubeta project.
(PRESS RELEASE) PARIS, 29-May-2025 — /EuropaWire/ — TotalEnergies has announced that its subsidiary, TotalEnergies EP Nigeria (TEPNG), 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) for $510 million. This agreement marks a strategic decision to optimize TotalEnergies’ upstream portfolio.
OML118 PSC, which is operated by SNEPCo (55%), includes TotalEnergies EP Nigeria (12.5%), Esso Exploration and Production Nigeria (20%), and Nigerian Agip Exploration (12.5%). The contract covers deep offshore operations located 120 km south of the Niger Delta in Nigeria, including the Bonga field, which has been producing since 2005, and the Bonga North field, which began development in 2024. The OML 118 PSC primarily produces oil, with an estimated 11,000 boe/d in TotalEnergies’ share for 2024.
The completion of this transaction is subject to customary conditions, including the necessary regulatory approvals.
Nicolas Terraz, President of Exploration & Production at TotalEnergies, commented, “TotalEnergies continues to actively high-grade its upstream portfolio by focusing on assets with low technical costs, low emissions, and reduced cash breakeven. In Nigeria, our efforts are concentrated on operated gas and offshore oil assets, and we are progressing with the Ubeta project, which is designed to ensure sustained gas supply to Nigeria LNG.”
TotalEnergies has been present in Nigeria for more than 60 years and employs today more than 1,800 people across different business segments. Nigeria is one of the main contributing countries to TotalEnergies’ hydrocarbon production with 209,000 boe/d produced in 2024. TotalEnergies also operates an extensive distribution network which includes about 540 service stations in the country. In all its operations, TotalEnergies is particularly attentive to the socio-economic development of the country and is committed to working with local communities.
TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables and electricity. Our more than 100,000 employees are committed to providing as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
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