TotalEnergies sells stake in Nigeria’s bonga oilfield to Shell for $510m

TotalEnergies agreed to sell its 12.5 per cent stake in Nigeria’s Bonga offshore oilfield to Shell for $510 million. The acquisition will raise Shell’s share in the field to 67.5 per cent, reinforcing its commitment to deep-water production in Nigeria following its sale of onshore assets to a local consortium.

Bonga’s floating production vessel has a capacity of 225,000 barrels per day (bpd), with plans to add 110,000 bpd by the end of the decade through a field extension. Exxon’s Esso subsidiary holds 20 per cent and Oando’s Agip 12.5 per cent stakes in Bonga.

Shell’s upstream chief Peter Costello described the deal as a significant investment supporting growth in Shell’s upstream portfolio. The transaction, pending regulatory approval, is expected to close by year-end.

Attribution: Reuters

Subediting: Y.Yasser