Paris, 29 May 2025 – TotalEnergies has reached a significant milestone in streamlining its global upstream portfolio. The energy company announced that its Nigerian subsidiary, TotalEnergies EP Nigeria (TEPNG), has signed a deal to sell its 12.5% non-operated stake in the Oil Mining Lease (OML) 118 Production Sharing Contract to Shell Nigeria Exploration and Production Company Ltd (SNEPCo) for $510 million.
The OML 118 block, located approximately 120 kilometers off the coast of the Niger Delta in deep offshore waters, is home to the Bonga oil field—which began production in 2005—and the Bonga North development, which launched in 2024. Operated by SNEPCo with a 55% interest, the consortium also includes Esso Exploration and Production Nigeria (20%), TotalEnergies (12.5%), and Nigerian Agip Exploration (12.5%).
In 2024, the OML 118 assets contributed about 11,000 barrels of oil equivalent per day (boe/d) to TotalEnergies' output, mainly in crude oil.
The transaction is subject to regulatory approvals and other customary closing conditions.
“This divestment aligns with our strategy to optimize our upstream portfolio by concentrating on assets with low operational costs and minimal emissions,” said Nicolas Terraz, President of Exploration & Production at TotalEnergies. “In Nigeria, our focus remains on operated gas and offshore oil projects, including the ongoing development of the Ubeta project, which will support gas supply to Nigeria LNG.”
This move highlights TotalEnergies' broader strategy to balance growth with financial discipline and sustainability goals in key markets.
About TotalEnergies in Nigeria
TotalEnergies has been present in Nigeria for more than 60 years and employs today more than 1,800 people across different business segments. Nigeria is one of the main contributing countries to TotalEnergies’ hydrocarbon production with 209,000 boe/d produced in 2024. TotalEnergies also operates an extensive distribution network which includes about 540 service stations in the country. In all its operations, TotalEnergies is particularly attentive to the socio-economic development of the country and is committed to working with local communities.
About TotalEnergies
TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables and electricity. Our more than 100,000 employees are committed to providing as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.