Nigeria: Shell Acquires TotalEnergies’ Bonga Stake for $510M

French oil major TotalEnergies will sell its 12.5% stake in Nigeria’s offshore Bonga oilfield to super major Shell for $510 million. The transaction will increase Shell’s ownership in the field to 67.5%, reinforcing its commitment to offshore oil production in Nigeria. The transaction is subject to regulatory approvals and is anticipated to close by the end of 2025.

The Bonga oilfield, located offshore Nigeria, is undergoing an expansion aimed at adding 110,000 barrels per day (bpd), with production expected to begin before the end of the decade. The floating production facility at Bonga currently has a capacity of 225,000 bpd.

“This acquisition brings another significant investment in Nigeria deep-water that contributes to sustained liquids production and growth in our Upstream portfolio,” stated Peter Costello, Upstream Chief, Shell.

Other stakeholders in the Bonga oilfield include Esso Exploration and Production Nigeria — a subsidiary of ExxonMobil — with a 20% share and Oando’s Agip holding 12.5%.