Yesterday, TotalEnergies announced that its subsidiary, TotalEnergies EP Nigeria (TEPNG), has entered into an agreement with Shell Nigeria Exploration and Production Company Ltd (SNEPCo) to sell its non-operated 12.5% stake in the OML118 Production Sharing Contract (PSC) for $510 million.
SNEPCo (55%) operates OML118 PSC, in collaboration with Esso Exploration and Production Nigeria (20%), TotalEnergies EP Nigeria (12.5%), and Nigerian Agip Exploration (12.5%).
Situated 120 km south of the Niger Delta in Nigeria, deep offshore, it houses the Bonga field that began production in 2005 and the Bonga North field, which commenced development in 2024. The production from the OML 118 PSC, predominantly oil, accounts for about 11,000 boe/d of the company’s share in 2024.
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