The logo of TotalEnergies is seen at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France, June 12, 2025.
Under the deal, TotalEnergies will transfer 10% of its stake to Shell for $408 million, while Agip will acquire the remaining 2.5% for $102 million. Following the transaction, Shell’s stake in Bonga will increase to 67.5%, reinforcing its commitment to offshore production in Nigeria. The move comes after Shell divested its onshore assets to Renaissance, a consortium of four local companies and an international energy group.
NUPRC stated that it carried out due diligence on Shell Nigeria Exploration and Production Company (SNEPco) and Nigerian Agip Exploration Limited (NAE) to ensure their operational capacity. The regulator confirmed: “SNEPco and NAE have demonstrated both technical and managerial competence to optimally contribute to the upstream operations in OML 118.”
The agreement, which still requires ministerial consent, includes provisions that SNEPco and NAE will assume all obligations related to decommissioning, abandonment, and community liabilities connected with the divested interest. Additionally, the two companies are required to pay a combined 7% of the transaction value as premium and processing fees.
Earlier in the week, the NUPRC announced it had withdrawn approval for TotalEnergies’ proposed $860 million asset sale to Mauritius-based Chappal Energies. The regulator explained that the decision was taken because the parties involved had not met financial commitments necessary to finalize that deal.
The approved transaction involving OML 118 highlights the importance of the Bonga oilfield within Nigeria’s offshore energy sector. The field, located in deepwater, remains one of the country’s significant oil production assets. With Shell now holding a larger stake, the company is positioned to strengthen its offshore operations and maintain production capacity in the region.
The regulatory steps taken by the NUPRC show its focus on ensuring compliance, financial accountability, and operational competence in Nigeria’s oil and gas industry. By approving the transfer of interest in OML 118 to established operators, while revoking a separate deal that did not meet financial requirements, the commission aims to protect the integrity of upstream activities.
This latest development underscores the ongoing adjustments in Nigeria’s oil sector as international companies review their portfolios, balancing divestment of certain assets with reinforcement of strategic operations. For TotalEnergies, the completed sale marks a reallocation of its assets, while for Shell and Agip, it strengthens their roles in one of Nigeria’s major offshore oilfields.
