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PARIS - TotalEnergies (EPA:TTEF) SE (Paris:TTE) (LSE:TTE) (NYSE:TTE) has entered into an agreement to sell its 12.5% non-operated interest in the OML118 Production Sharing Contract (PSC) which includes the Bonga field offshore Nigeria. The $510 million sale to Shell Nigeria Exploration and Production Company Ltd (SNEPCo) marks a strategic shift for the energy company as it refines its upstream portfolio.
The OML118 block, operated by SNEPCo (55%) along with partners Esso Exploration and Production Nigeria (20%) and Nigerian Agip Exploration (12.5%), is situated approximately 120 kilometers south of the Niger Delta. The Bonga field, which began production in 2005, and the Bonga North field, where development commenced in 2024, are part of this block. TotalEnergies’ share of production from the OML 118 PSC is estimated at 11,000 barrels of oil equivalent per day (boe/d) for the year 2024.
The completion of this transaction is contingent upon the fulfillment of customary conditions, including the receipt of regulatory approvals.
Nicolas Terraz, President Exploration & Production at TotalEnergies, stated that the company is actively optimizing its upstream portfolio by focusing on assets that offer low technical costs, low emissions, and a lower cash breakeven. In Nigeria, TotalEnergies is concentrating on operated gas and offshore oil assets, progressing the development of the Ubeta project intended to support gas supply to Nigeria LNG.
TotalEnergies has been present in Nigeria for over six decades, employing more than 1,800 individuals and contributing significantly to the country’s hydrocarbon production. In 2024, the company produced 209,000 boe/d in Nigeria and also operates a vast network of approximately 540 service stations. TotalEnergies emphasizes socio-economic development and community engagement in its operations.
Globally, TotalEnergies is an integrated energy producer, engaged in the production and marketing of oil, biofuels, natural gas, renewables, and electricity. The company employs over 100,000 people and operates in around 120 countries, with a commitment to delivering sustainable and affordable energy.
This announcement is based on a press release statement from TotalEnergies SE.
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