Italian oil and gas giant Eni, through its subsidiary Nigeria Agip Exploration Limited (NAE), has acquired an additional 2.5 % stake in the Production Sharing Contract (PSC) for OML 118, operated by TotalEnergies EP Nigeria Limited, the company announced in a statement.
OML 118 is an offshore Nigerian license that includes the producing Bonga field, in which NAE holds a non‑operating interest.
Following the transaction, which has received all necessary regulatory approvals, NAE’s stake in the OML 118 PSC has increased from 12.5 % to 15 %*.
“This acquisition is fully aligned with Eni’s strategy to optimize its upstream portfolio and further strengthens the company’s commitment to deepwater projects in the country,” the statement added.
Eni has been present in Nigeria since 1962, with an average equity production of *50 Kboed* in 2025.
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