Energy giant TotalEnergies has agreed on Thursday to sell its minority stake in Nigeria's Bonga oil field as part of efforts to refocus its global upstream portfolio.
The company announced that its Nigerian subsidiary, TotalEnergies EP Nigeria (TEPNG), had signed a deal with Shell Nigeria Exploration and Production Company Ltd (SNEPCo) to divest its non-operated 12.5% interest in the Oil Mining Lease 118 Production Sharing Contract for $510 million.
The offshore oil block, located approximately 120 kilometers south of the Niger Delta, includes the Bonga field, which has been producing oil since 2005, and the Bonga North development, launched in 2024.
The Oil Mining Lease 118 is operated by SNEPCo, which holds a 55% stake, alongside Esso Exploration and Production Nigeria (20%), TotalEnergies (12.5%), and Nigerian Agip Exploration (12.5%).
In 2024, the block yielded approximately 11,000 barrels of oil equivalent per day to TotalEnergies.
"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 of exploration and 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," Terraz added.
TotalEnergies has operated in Nigeria for over 60 years and currently employs more than 1,800 people in the country. Nigeria remains a key contributor to the company's global production, with 209,000 barrels of oil equivalent per day reported in 2024.
The company also runs a wide fuel distribution network in Nigeria, including around 540 service stations, and maintains a stated commitment to socio-economic development and local partnerships.
The deal remains subject to regulatory approval and other customary conditions.
By Humeyra Ayaz
Anadolu Agency
energy@aa.com.tr