TotalEnergies EP Nigeria has completed the divestment of its 12.5% non-operated interest in the OML118 Production Sharing Contract, which includes the Bonga field in Nigeria. The stake was sold to Shell Nigeria Exploration and Production Company Ltd (10%) and Nigerian Agip Exploration (2.5%) for a total of $510 million.
In a press release statement, the company disclosed that despite the divestment, Nigeria remains one of the key contributors to TotalEnergies’ hydrocarbon production, with 209,000 barrels of oil equivalent per day produced in 2024.
According to the firm, it currently operates about 540 service stations throughout Nigeria, and its presence in the most populous African nation will not be affected.
The OML118 Production Sharing Contract covers offshore operations in Nigeria, where TotalEnergies has maintained a heavy presence for over 60 years.
The company presently employs approximately 1,800 people across its various business segments in the West African nation.
TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) is a global integrated energy company with operations in approximately 120 countries.
It produces and markets several energy products like oil, biofuels, natural gas, biogas, low-carbon hydrogen, renewables and electricity.
The latest development represents part of TotalEnergies’ ongoing portfolio management strategy, but the company did not reveal specific reasons for the divestment.
