TotalEnergies has completed the sale of its entire 12.5% non-operated interest in the Nigerian OML 118 offshore asset to Shell and Nigerian Agip. The total value of the transaction was confirmed at $510 million.
TotalEnergies EP Nigeria and Shell Nigeria Exploration and Production Company (SNEPCo), a Shell subsidiary, acquired a 10% interest for $408 million.
Nigerian Agip Exploration (NAE), an Eni subsidiary, exercised its pre-emption rights to acquire the remaining 2.5% interest for $102 million.
OML 118 Production Sharing Contract (PSC), which includes the producing Bonga deepwater oil field.
The divestment was completed, and the final approvals from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) were received in November 2025.
New Ownership Structure Following the completion of this transaction, the new ownership structure for the OML 118 PSC is:
Shell (SNEPCo): 65% (Operator)
Esso Exploration and Production Nigeria (ExxonMobil subsidiary): 20%
Nigerian Agip Exploration (Eni subsidiary): 15%
This sale is part of TotalEnergies’ strategy to high-grade its portfolio by focusing on operated gas and offshore oil assets with low technical costs and low emissions. For Shell, this acquisition is a strategic investment that increases its stake in a key deepwater asset and aligns with its goals to sustain liquids production and fund future growth, including the development of the Bonga North field.
Note by Alessandro Bazzoni