Nigeria has given the green light to TotalEnergies' $510m divestment of its interest in Oil Mining Lease 118, which includes the Bonga field, to Shell and Nigerian Agip Exploration (Agip).  

The move represents another step in the French energy company’s strategy to streamline its portfolio and reduce debt, reported Bloomberg.  

According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Shell Nigeria Exploration will acquire 10% of TotalEnergies’ 12.5% stake for $408m, while Agip will take the remaining 2.5% interest for $102m. 

The NUPRC confirmed the approval was issued after reviewing documentation showing that both acquiring companies have the financial capacity to meet their commitments. 

Earlier this month, the commission revoked a separate transaction involving TotalEnergies, citing the inability of the intended buyer, Chappal Energies, to secure the necessary financing.  

The asset sale from Nigeria is part of TotalEnergies’ wider divestment programme aimed at generating around $3.5bn globally across oil and renewable holdings, as outlined by CEO Patrick Pouyanne. 

Following the latest transfer, SNEPCo. continues as the operator of OML 118 with a controlling 55% stake.  

Esso Exploration and Production Nigeria retains its 20% share, while Agip’s interest will now increase from 12.5% to 15%. 

Recently, TotalEnergies signed four production sharing contracts with the Liberia Petroleum Regulatory Agency for the LB-6, LB-11, LB-17 and LB-29 offshore exploration blocks, which were awarded under the 2024 Direct Negotiation Licensing Round.  

Spanning approximately 12,700km² in the southern Liberia basin, the contracts include a commitment to conduct a 3D seismic survey.