French multinational oil and gas firm TotalEnergies has announced the sale of its 12.5% non-operated interest in the OML 118 Production Sharing Contract (PSC) to Shell for $510 million.
The OML 118 PSC, operated by SNEPCo (55%), is a partnership between Esso Exploration and Production Nigeria (20%), TotalEnergies EP Nigeria (12.5%), and Nigerian Agip Exploration (12.5%).
Located 120 km south of the Niger Delta, the block contains the Bonga field, which started production in 2005, and the Bonga North field, which began development in 2024.
The OML 118 PSC produces approximately 11,000 barrels of oil equivalent per day (boe/d) in TotalEnergies’ share.
The transaction is subject to customary conditions, including regulatory approvals.
Commenting on the sale agreement, Nicolas Terraz, President of Exploration & Production at TotalEnergies, stated, “TotalEnergies continues to actively high-grade its upstream portfolio, focusing on assets with low technical costs and low emissions, and lowering its cash breakeven.”
Terraz added, “In Nigeria, the company is focusing on its operated gas and offshore oil assets, currently progressing the development of the Ubeta project to sustain gas supply to Nigeria LNG.”
Source:https://energynewsafrica.com
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