TotalEnergies has completed the sale of its 12.5 per cent non-operated stake in Nigeria’s deepwater Bonga field, marking another step in its ongoing upstream portfolio rebalancing.
TotalEnergies wrapped up the $510 million sale to oil majors, Shell and Eni, which was first announced in May 2025.
The company confirmed that its subsidiary, TotalEnergies EP Nigeria (TEPNG), finalized the divestment of its interest in the OML 118 Production Sharing Contract to existing partners Shell Nigeria Exploration and Production Company Ltd. (10 per cent) and Nigerian Agip Exploration (2.5 per cent). The aggregated transaction value is $510 million.
The Bonga field, Nigeria’s first deepwater development, remains a core offshore asset operated by Shell.
The deal for the OML 118 Production Sharing Contract (PSC) will bring Shell’s stake in Bonga to 67.5 per cent and shows its continued interest in producing oil offshore Nigeria.
This comes after Shell sold its Nigerian onshore assets to Renaissance, a consortium of four local companies and an international energy group, for a reported value of $1.3 billion.
The asset is prone to spills and was haemorrhaging money for the oil major; yet, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) delayed in granting the necessary approvals.
In 2024, the owners of Bonga decided on an extension of the field to add 110,000 barrels of oil equivalent per day with the first oil expected to flow by the end of the decade.
Bonga’s floating production vessel has a capacity of 225,000 barrels of oil equivalent per day.
TotalEnergies has been present in Nigeria for more than six decades and produced 209,000 barrels of oil equivalent daily in the country in 2024 across its upstream portfolio.
The company also operates a nationwide downstream network of more than 540 service stations.
TotalEnergies said it remains committed to Nigerian operations and to ongoing engagement with host communities as it continues to streamline its global asset base.