Shell Nigeria Exploration and Production Company (SNEPCo), which operates the Bonga field, has signed a $150 million deal to acquire TotalEnergies’ 12.5 percent stake in Oil Mining Lease (OML) 118, the offshore block that includes the Bonga oilfield.
Upon completion of the transaction, Shell’s interest in OML 118 will rise from 55 percent to 67.5 percent.
Bonga, Nigeria’s first deepwater oil project, began production in 2005 and has a capacity of 225,000 barrels per day.
According to Nicolas Terraz, president of Exploration & Production at TotalEnergies, the divestment aligns with the company’s strategy to streamline its portfolio and focus on assets where it has operational control, particularly in gas and offshore oil. (Businessday)
