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French energy giant TotalEnergies (TTEF.PA) announced on Thursday that it has agreed to sell its 12.5% stake in Nigeria’s offshore Bonga oilfield to Shell (SHEL.L), the field’s operator, in a deal valued at $510 million.
According to Reuters, the acquisition will raise Shell’s ownership in Bonga to 67.5%, underscoring the company’s continued commitment to offshore oil production in Nigeria. This move comes after Shell divested its troubled onshore oil assets in the country to Renaissance — a consortium made up of four Nigerian firms and an international energy group.
The Bonga oilfield is set for a significant expansion. Last year, the partners approved a development plan that would add 110,000 barrels of oil equivalent per day, with first oil from the extension expected before the end of the decade. Bonga’s floating production, storage and offloading (FPSO) unit currently has the capacity to process up to 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.
Exxon’s subsidiary, Esso Exploration and Production Nigeria (XOM.N), holds a 20% stake in the Bonga oilfield, while Oando’s Agip owns 12.5%.
The transaction between TotalEnergies and Shell is still subject to regulatory and partner approvals and is expected to be finalised by the end of the year.
