TotalEnergies Sells 12.5% Stake in Nigeria’s Bonga Oilfield to Shell for $510 Million

TotalEnergies has stated that the completion of its latest transaction is subject to standard conditions, including regulatory approvals.

Nicolas Terraz, President of Exploration & Production at TotalEnergies, noted that the company is pivoting toward assets with lower technical costs and reduced emissions. He added that the company is also aiming to lower its cash breakeven threshold.

Terraz further explained that TotalEnergies is concentrating on its operated gas and offshore oil assets, with the Ubeta project currently underway to help sustain gas supply to Nigeria LNG

“TotalEnergies announces that its subsidiary, TotalEnergies EP Nigeria, signed an agreement with Shell Nigeria Exploration and Production Company Ltd for the sale of its non-operated 12.5 per cent interest in the OML118 Production Sharing Contract for an amount of $510m,” the company disclosed.

Situated 120 km offshore south of the Niger Delta, Nigeria’s OML 118 block includes the Bonga field, which began operations in 2005, and the Bonga North development, launched in 2024.

According to a statement, production from the OML 118 Production Sharing Contract (PSC)—which primarily yields oil—contributed around 11,000 barrels of oil equivalent per day to the company’s share in 2024.

TotalEnergies continues to actively high-grade its Upstream portfolio, to focus on assets with low technical costs and low emissions, and to lower its cash breakeven.

“The company is focusing on its operated gas and offshore oil assets and is currently progressing the development of the Ubeta project, designed to sustain gas supply to Nigeria LNG,” Terraz stated.