Nigeria Agip Exploration Limited-subsidiary Eni has acquired an additional 2.5% stake in the OML 118 production sharing contract that contains the Bonga field
The oil major has exercised its pre-emption right to make this acquisition. NAE holds non-operating interests in the OML118.
Following the transaction, which has received all necessary regulatory approvals, NAE's share in OML 118 PSC increased from 12.5% to 15%. This acquisition is fully aligned with Eni’s strategy to optimise its upstream portfolio and further strengthens the company’s commitment to deepwater projects in the country.
The divestment is now completed as the transaction has been made for an aggregated amount of US$510mn.
Eni has been present in Nigeria since 1962, with an average equity production of 50 Kboed in 2025.
Eni acquires additional stakes in OML 118 offshore Nigeria
Eni has exercised its pre-emption right.
