TotalEnergies Exits Bonga Field with $510m Stake Sale to Shell
French energy major TotalEnergies has sold its 12.5 per cent non-operated stake in Nigeria’s deepwater Bonga oilfield to Shell Nigeria Exploration and Production Company (SNEPCo) in a $510 million deal, marking its strategic shift away from non-core assets.
The agreement, announced on Thursday, 29 May 2025, will see Shell’s interest in Oil Mining Lease (OML) 118 rise to 67.5 per cent from the current 55 per cent, reinforcing the Anglo-Dutch company’s deepwater ambitions following its exit from onshore operations.
TotalEnergies confirmed the deal is subject to regulatory and customary approvals. The Bonga field, located 120 km off the Niger Delta, started production in 2005 and forms the backbone of the OML 118 lease. Other partners include Esso Exploration and Production Nigeria with 20 per cent and Nigerian Agip Exploration with 12.5 per cent.
In a statement, TotalEnergies said the divestment aligns with its global strategy to focus on high-value assets with lower operational costs and emissions, while repositioning its Nigerian portfolio around operated gas and offshore oil developments.
“TotalEnergies continues to high-grade its upstream portfolio,” said Nicolas Terraz, President, Exploration and Production. “In Nigeria, we are concentrating on our operated gas and offshore assets, including progressing the Ubeta gas project to support Nigeria LNG.”
The Bonga oilfield accounted for about 11,000 barrels of oil equivalent per day (boe/d) in TotalEnergies’ 2024 share of production. Despite the exit, Nigeria remains a key country for the company, contributing 209,000 boe/d in 2024, alongside a robust retail presence with around 540 service stations nationwide.
Shell’s acquisition comes amid its renewed focus on offshore Nigeria, particularly the Bonga North project—a subsea tie-back to the Bonga FPSO. The Bonga North development, which received final investment approval in December 2024, is expected to yield more than 300 million barrels of oil equivalent and peak at 110,000 barrels per day.
Commenting on the deal, Shell’s President of Upstream, Peter Costello, said, “This acquisition follows our investment in Bonga North and reinforces our commitment to growing deep-water production in Nigeria. It represents another significant step in strengthening our upstream portfolio.”
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