TotalEnergies sells stake in Nigeria's Bonga field to Shell for $510 million
French energy giant TotalEnergies announced on Thursday that it will sell its 12.5% non-operating stake in Nigeria's Bonga oil field to a subsidiary of Shell for $510 million.
TotalEnergies has agreed to sell its 12.5% stake in Nigeria's Bonga oil field to a Shell subsidiary for $510 million.
This transaction will increase Shell's ownership in the Bonga field to 67.5%.
The deal remains subject to regulatory approvals and is expected to conclude by year-end.
French energy giant TotalEnergies announced on Thursday that it will sell its 12.5% non-operating stake in Nigeria's Bonga oil field to a subsidiary of Shell for $510 million.
The divestment, made through TotalEnergies EP Nigeria, was confirmed in an official statement from the company.
The deal will increase Shell's ownership in the Bonga oil field to 67.5%, stressing its sustained focus on offshore oil production in Nigeria, even as it retreats from onshore operations plagued by oil spills.
" 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" said Nicolas Terraz, President Exploration & Production at TotalEnergies.
'In Nigeria, the Company is focusing on its operated gas and offshore oil assets and is currently progressing the development of Ubeta project, designed to sustain gas supply to Nigeria LNG."
Shell recently sold those assets to Renaissance, a consortium made up of ND Western, Aradel Energy, First E&P, Waltersmith, and Petrolin, in a deal worth up to $2.4 billion.
Bonga field set for major expansion
In a move to boost output, Bonga's stakeholders approved a field extension project aimed at adding 110,000 barrels of oil equivalent per day, with the first oil expected by the end of the decade, according to Reuters.
The field's floating production, storage and offloading (FPSO) vessel has a total processing capacity of 225,000 barrels per day.
'This acquisition brings another significant investment in Nigeria deep-water that contributes to sustained liquids production and growth in our Upstream portfolio,' said Shell's upstream chief Peter Costello.
Esso Exploration and Production Nigeria, a subsidiary of Exxon, holds a 20% stake in the Bonga field, while Agip, owned by Oando, controls 12.5%. The transaction is pending regulatory approvals and is anticipated to be finalized by year-end.
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