TotalEnergies Exits Nigeria's Deepwater Field as Eni and Shell Boost Stakes
November 25, 2025
TotalEnergies has completed the divestment of its non-operated interest in the Bonga deepwater field offshore Nigeria, selling its share to Shell Nigeria Exploration and Production Company (SNEPCo) and Eni.
SNEPCo, a subsidiary of Shell, completed the previously announced agreement and increased its stake in the OML 118 Production Sharing Contract (OML 118 PSC) from 55% to 65%.
Nigerian Agip Exploration, a subsidiary of Eni, exercised its pre-emption rights to acquire an additional 2.5% interest in the OML 118 PSC, reducing the 12.5% interest that SNEPCo had agreed to acquire to 10%, and increasing its stake from 12.5% to 15%.
Post transaction, SNEPCo will continue to operate the Bonga field with 65% working interest in partnership with Esso Exploration and Production Nigeria which holds 20%, and Nigerian Agip Exploration 15%, on behalf of the Nigerian National Petroleum Company Limited (NNPC).
“Following our final investment decision (FID) on Bonga North last year, this acquisition represents another significant investment in Nigeria deep-water, and is part of Shell’s strategy to further invest in competitive existing assets that contribute to sustained liquids production and growth in our Upstream portfolio,” Shell said.
The Bonga field is a deep-water development located in OML 118, at water depths exceeding 1,000 meters. Production from Bonga began in 2005, with a capacity to produce 225,000 barrels of oil per day. The Bonga field produced its one-billionth barrel of crude oil in 2023.
The production at the field is done via the Bonga floating production storage and offloading (FPSO) vessel.
In December 2024, Shell announced a FID on Bonga North, a subsea tie-back to the Bonga FPSO.
Bonga North currently has an estimated recoverable resource volume of more than 300 million barrels of oil equivalent and is expected to reach peak production of 110,000 barrels of oil a day, with first oil anticipated by the end of the decade.
