Published by Global Banking & Finance Review®
Posted on May 29, 2025
1 min readLast updated: January 23, 2026
Add as preferred source on GoogleTotalEnergies sells its 12.5% stake in Nigeria's Bonga oilfield to Shell for $510 million, increasing Shell's stake to 67.5%.
(Reuters) -French oil major TotalEnergies said on Thursday it agreed to sell its 12.5% stake in the Bonga oilfield offshore Nigeria to Shell, the field's operator, for $510 million.
The deal will bring Shell's stake in Bonga to 67.5% and shows its continued interest in producing oil offshore Nigeria after selling its spill-plagued Nigerian onshore assets to Renaissance, a consortium of four local companies and an international energy group.
Last year, the owners of Bonga decided on an extension of the field to add 110,000 barrels of oil equivalent per day with the first oil expected to flow by the end of the decade. Bonga's floating production vessel has a capacity of 225,000 bpd.
“This acquisition brings another significant investment in Nigeria deep-water that contributes to sustained liquids production and growth in our Upstream portfolio,” said Shell's upstream chief Peter Costello.
Exxon subsidiary Esso Exploration and Production Nigeria holds 20% and Oando's Agip 12.5% of Bonga.
The deal, subject to approvals, is expected to close by the end of the year.
(Reporting by Shadia Nasralla and Alban Kacher;Editing by Tomasz Janowski and Emelia Sithole-Matarise)
After the acquisition, Shell's stake in the Bonga oilfield will increase to 67.5%.
TotalEnergies agreed to sell its stake in the Bonga oilfield to Shell for $510 million.
The owners of Bonga decided on an extension to add 110,000 barrels of oil equivalent per day, with the first oil expected to flow by the end of the decade.
Exxon subsidiary Esso Exploration and Production Nigeria holds a 20% stake, while Oando's Agip holds 12.5%.
The deal is subject to approvals and is expected to close by the end of the year.
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