In a strategic move to streamline its upstream portfolio, TotalEnergies has finalized a deal to sell its 12.5% non-operated interest in Nigeria’s Bonga Field to Shell Nigeria Exploration and Production Company Ltd (SNEPCo) for $510 million. The sale, announced on May 29, reflects the company’s ongoing pivot toward lower-emission, lower-cost energy sources.
The agreement was signed between SNEPCo and TotalEnergies EP Nigeria (TEPNG), a subsidiary of the French energy giant. This divestment marks a shift in TotalEnergies’ Nigerian strategy, aligning its operations more closely with gas development and offshore projects where the company has operational control.
According to TotalEnergies, its equity share from the Bonga-operated Oil Mining Lease (OML) 118 produced approximately 11,000 barrels of oil equivalent per day (boe/d) in 2024, a small portion of the company’s total Nigerian output of 209,000 boe/d during the same period.
The OML 118 license, located about 120 kilometers off the Niger Delta, is operated by SNEPCo, which holds a majority stake of 55%. Other partners in the venture include Esso Exploration and Production Nigeria (20%), Nigerian Agip Exploration (12.5%), and now, following the transaction, an increased stake for SNEPCo.
Production at the Bonga Field began in 2005, and development of a new phase, Bonga North, commenced in 2024.
Commenting on the transaction, Nicolas Terraz, President of Exploration & Production at TotalEnergies, said it reflects the company’s continued strategy to refine its upstream portfolio by prioritising lower-emission, cost-efficient assets and improving financial resilience.
This deal forms part of TotalEnergies’ broader effort to reshape its global asset base in line with evolving energy transition goals and financial discipline.
