TotalEnergies Sells Stake in Nigerian Deepwater Field Bonga To Eni, Shell

TotalEnergies announced that it had completed the divestment of its non-operated stake in the massive deepwater Bonga field off Nigeria, realising a net gain of $510 million.

In a statement, the company announced that its local subsidiary, TEPNG, had closed the sale of its 12.5 per cent stake in Oil Mining License 118 to fellow major companies Shell and Eni, with the stake being divided into 10 per cent and 2.5 per cent, respectively. The two companies are already partners in the development.

Eni had, through its subsidiary Nigeria Agip Exploration Limited (NAE), confirmed the acquisition from TotalEnergies EP Nigeria Limited of an additional 2.5 per cent stake in the Production Sharing Contract (PSC) OML 118, exercising its pre-emption right.

OML 118 is an offshore Nigerian licence that includes the Bonga producing field, in which NAE holds non-operating interests.

Following the transaction, which has received all necessary regulatory approvals, NAE’s share in OML 118 PSC increased from 12.5% to 15%. This acquisition is fully aligned with Eni’s strategy to optimise its upstream portfolio and further strengthens the Company’s commitment to deepwater projects in the country.

Eni has been present in Nigeria since 1962, with an average equity production of 50 Kboed in 2025.

TotalEnergies deal comes exactly two months after the French company said regulators in Nigeria had approved the sale.

Shell initially agreed to purchase the entire 12.5 per cent stake, but Eni later exercised its pre-emption rights to acquire an additional 2.5 per cent.

The deal leaves Shell with a 65 per cent operated stake in the prolific field, while Eni will hold 15 per cent. ExxonMobil is also a partner in the deal, keeping the remaining 20 per cent interest.

After approval by the regulator, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the deal was submitted to the Petroleum Minister for final approval.

The Bonga field is Nigeria’s first deepwater oil project, having achieved first oil in 2005. It has the capacity to produce up to 225,000 barrels per day (b/d) of crude and 150 million cubic feet per day (MMcf/d) of natural gas. It is located in water depths of 1,000 meters, approximately 120 kilometres south of the banks of the Niger Delta.

According to the most recent update from NUPRC, Nigeria pumped 120,000 barrels per day (b/d) of heavy sweet Bonga crude in October.

Spain, Canada, Peru, and the Netherlands are key buyers of the grade, according to data from S&P Global Commodities at Sea.

In a statement of its own November 25, Shell said the acquisition “represents another significant investment in Nigeria deep-water, and is part of Shell’s strategy to further invest in competitive existing assets that contribute to sustained liquids production and growth in our Upstream portfolio”.

It will also help Shell achieve its goal of growing integrated oil and gas production by 1 per cent per year to 2030, it said.

Shell previously announced plans to undertake a significant expansion programme on Bonga, through the Bonga North and Bonga Southwest projects.

The partners took a Final Investment Decision on the former in December, with a view to adding 110,000 boe/d by 2030 through a subsea tie-back to the Bonga FPSO.

FID on Bonga Southwest could come as early as 2027.

The deal comes against the backdrop of an effort by international majors to quit the Niger Delta in favour of more technically challenging — but more secure — deepwater projects like Bonga.

TotalEnergies first entered Nigeria over 60 years ago and pumped 209,000 barrels per day (b/d) in the African country in 2024, it stated in its announcement.

It still holds stakes in onshore assets after its deal with local player Chappal appeared to fall through in September as well as the Ubeta Gas Field, the NLNG terminal and big offshore projects like Egina, Akpo and Ofon.

On November 19, the French company announced that it had agreed to acquire a 50 per cent operated interest in block OPL 257 from local player Conoil, which lies adjacent to TotalEnergies’ Egina South field.

The company plans to drill an appraisal well on the license in 2026, to tie back to the Egina FPSO.

Meanwhile, Conoil will take TotalEnergies’ 40 per cent participating interest in gassy OML 136, also located offshore.