TotalEnergies divests non-operated interest in the Bonga Field
Agency Reports
TotalEnergies announces that its subsidiary TotalEnergies EP Nigeria (TEPNG) signed an agreement with Shell Nigeria Exploration and Production Company Ltd (SNEPCo) for the sale of its non-operated 12.5 per cent interest in the OML118 Production Sharing Contract (PSC) for an amount of $ 510 million.
The OML118 PSC is operated by SNEPCo (55 per cent ), in partnership with Esso Exploration and Production Nigeria with 20 per cent TotalEnergies EP Nigeria has 12.5 per cent, and Nigerian Agip Exploration has 12.5 per cent. It Located deep offshore at 120 km south of the Niger Delta in Nigeria and contains the Bonga field, which started production in 2005, as well as the Bonga North field, the development of which started in 2024.
The company in a statement explained that the production from the OML 118 PSC, which is mainly oil, represents approximately 11,000 boe/d in company share in 2024.
Completion of the transaction is subject to customary conditions, including regulatory approvals. President Exploration and Production at Total energy Nicolas Terraz said “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.
“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.”
