TotalEnergies has signed an agreement with Shell to sell its 12.5% interest in the Bonga oil field, offshore Nigeria, for $510 million.

The OML118 Production Sharing Contract (PSC) is located deep offshore at ~74 mi (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. Production from the OML 118 PSC, which is mainly oil, represents approximately 11,000 boed in TotalEnergies' company share in 2024.

Shell's stake will increase to 67.5% upon completion of the deal. Esso Exploration and Production Nigeria holds 20% interest, and Nigerian Agip Exploration holds 12.5%.

"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" said Nicolas Terraz, President Exploration & Production at TotalEnergies. “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.”