Shell Acquires $510 Million Stake in Nigeria’s Bonga Oil Field from TotalEnergies to Boost Offshore Operations
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Written by Springnewsng | June 30, 2025
Shell Nigeria Exploration and Production Company Ltd (SNEPCo), a subsidiary of the global energy giant Shell, has expanded its deepwater portfolio in Nigeria with the acquisition of a 12.5% stake in the prolific Bonga oil field from TotalEnergies. The strategic deal, valued at $510 million, strengthens Shell’s control in the Oil Mining Lease (OML) 118 Production Sharing Contract, which includes the Bonga and Bonga North fields.
The agreement was announced by TotalEnergies in a statement from Paris, confirming that its Nigerian subsidiary, TotalEnergies EP Nigeria (TEPNG), has signed a binding agreement to divest its non-operated interest in OML 118 to SNEPCo. The transaction is pending final regulatory approvals and other customary conditions.
OML 118 is a major deep offshore asset located approximately 120 kilometers off the coast of Nigeria’s Niger Delta, and has been a cornerstone of the country’s offshore oil production since it began output in 2005. The block has remained one of Nigeria’s most productive offshore areas.
With this acquisition, SNEPCo’s interest in OML 118 rises to 67.5%, further consolidating its role as the lead operator of the Bonga field. The remaining stakes in the block are held by Esso Exploration and Production Nigeria Ltd (20%) and Nigerian Agip Exploration Ltd (12.5%).
This deal highlights Shell’s continued commitment to Nigeria’s energy sector and its focus on strengthening deepwater production capabilities in West Africa.
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