Shell Nigeria Exploration and Production Company (SNEPCo) has acquired TotalEnergies EP Nigeria Limited's 12.5% stake in the OML 118 production sharing contract (OML 118 PSC), an oil mining lease offshore Nigeria that includes the Bonga field
This raises Shell’s interest in the OML 118 PSC from 55% to 67.5%.
As the OML 118 PSC operator, SNEPCo currently produces from the Bonga field via the Bonga Floating Production Storage and Offloading (FPSO) vessel and announced the development of the Bonga North field in December 2024.
“Following our final investment decision on Bonga North last year, this acquisition brings another significant investment in Nigeria deepwater that contributes to sustained liquids production and growth in our Upstream portfolio,” said Peter Costello, Shell’s President, Upstream.
The transaction is likely to be completed before the year-end, given all regulatory approvals and closing conditions are in place.
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Shell raises stake in Bonga Field offshore Nigeria
Shell’s interest in the OML 118 PSC will rise to 67.5%. (Image source; Adobe Stock)
