• 30 May, 2025
• FAITH MIMDOO KEGH
• No comment

TotalEnergies Sells Stake in OML 118 to SNEPCo for $510 Million.

TotalEnergies EP Nigeria (TEPNG) has agreed to sell its 12.5% non-operating stake in the Oil Mining Lease (OML)

118 Production Sharing Contract (PSC) to Shell Nigeria Exploration and Production Company Limited (SNEPCo) for \$510 million.

OML 118 is located approximately 120 kilometers offshore from the Niger Delta and includes the Bonga and Bonga North fields. Bonga began production in 2005, while development of Bonga North started in 2024. In 2024, TotalEnergies’ share of production from the block was around 11,000 barrels of oil equivalent per day.

SNEPCo operates the block with a 55% stake, while Esso Exploration and Production Nigeria holds 20%. TotalEnergies and Nigerian Agip Exploration each own 12.5%.

TotalEnergies stated that the completion of the transaction is subject to regulatory approvals and other customary conditions.

Nicolas Terraz, President of Exploration & Production at TotalEnergies, said the sale aligns with the company’s strategy to optimize its upstream portfolio by focusing on assets with lower technical costs and emissions. He noted that in Nigeria, TotalEnergies is concentrating on its operated gas and offshore oil projects, including the ongoing development of the Ubeta project, aimed at supporting gas supply to Nigeria LNG.

FAITH MIMDOO KEGH

Manager – Oversees the daily operations, editorial planning, and strategic direction of the platform. A graduate with a solid academic foundation in media and communication, Faith brings a wealth of experience to the TokinPoint.

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