TotalEnergies Fully Exits Nigeria’s Bonga Deepwater Field as Shell and Eni Consolidate Stakes

TotalEnergies has finalised its complete divestment from Nigeria’s flagship deepwater Bonga field (OML 118), transferring its former non-operated interest to Shell Nigeria Exploration and Production Company (SNEPCo) and Nigerian Agip Exploration (Eni).

Following the transaction and the exercise of pre-emption rights:

– SNEPCo (Shell) increased its operated interest from 55% to 65%
– Nigerian Agip Exploration (Eni) raised its stake from 12.5% to 15%
– Esso Exploration and Production Nigeria (ExxonMobil) retains its 20% interest
– The remaining interest is held by NNPC Limited under the concessionaire under the Production Sharing Contract

SNEPCo will continue to operate the field on behalf of the partnership.

The Bonga field, located in water depths greater than 1,000 metres, has been producing since November 2005 through Nigeria’s first deepwater FPSO. The asset achieved the milestone of one billion barrels of crude produced in 2023 and maintains a nameplate capacity of 225,000 bpd.

Shell highlighted the strategic importance of the acquisition:
“Following the final investment decision on Bonga North in 2024, this transaction represents another major commitment to Nigeria’s deepwater sector and supports Shell’s strategy to high-grade and extend the life of core producing assets,” the company stated.

The upcoming Bonga North subsea tie-back project, sanctioned in December 2024, is estimated to hold over 300 million barrels of oil equivalent in recoverable resources and is expected to add peak production of approximately 110,000 bpd by the end of the decade.

The transaction marks a further step in TotalEnergies’ ongoing portfolio optimisation in Nigeria, following previous divestments of onshore and shallow-water assets, as the French major refocuses its West African presence on higher-margin deepwater and LNG developments elsewhere on the continent.