TotalEnergies has agreed to sell its 12.5% stake in Nigeria’s OML 118, which includes the Bonga oil field, to Shell for $510 million. In 2024, TotalEnergies produced about 11,000 boed from the block. With this deal, Shell’s stake rises to 67.5%, while ExxonMobil holds 20% and Eni’s Nigerian Agip Exploration retains 12.5%.
OML 118, located 120 km offshore from the Niger Delta, includes the Bonga field (producing since 2005, 225,000 bpd capacity) and the Bonga North project, approved in 2024 with expected production by 2030 at 110,000 bpd.Shell, now increasing its stake, sees the deal as key to boosting its deep-water output and reaching over 1 million boed by 2030.TotalEnergies is exiting to streamline its portfolio, focusing on low-cost, low-emission assets, and advancing the Ubeta gas project to support Nigeria LNG.
TotalEnergies agreed to sell its 10% stake in Nigeria’s SPDC JV to Chappal Energies for $860 million. In March 2025, Shell sold its 30% stake in the same JV to Renaissance Africa Energy for $1.3 billion, as part of its exit from onshore oil in the Niger Delta to focus on deepwater and gas.The SPDC JV holds 18 oil leases (15 onshore, 3 shallow-water). NNPC owns 55%, Eni holds 5%, and Oando acquired Eni’s former NAOC assets for $800 million, though Eni retained its JV share.
