TotalEnergies has completed the sale of its non-operated stake in the Bonga deep-water oilfield offshore Nigeria.

The divestment transfers TotalEnergies’ stake to Shell’s subsidiary Shell Nigeria Exploration and Production Company (SNEPCo) and Eni’s subsidiary Nigerian Agip Exploration, resulting in changes to the Bonga deep-water field ownership structure within the oil mining lease (OML) 118 production sharing contract (PSC).

In May 2025, SNEPCo signed an agreement with TotalEnergies EP Nigeria to acquire a 12.5% interest in the OML 118 PSC, which includes the Bonga oil mining lease.

This transaction increases SNEPCo’s share in the OML 118 PSC from 55% to 65%.

According to Shell’s latest release, Nigerian Agip Exploration made use of its pre-emption rights to purchase an additional 2.5% interest in the OML 118 PSC. This decreased the 12.5% share SNEPCo agreed to purchase to 10%.

Post transaction, SNEPCo will remain the operator of the Bonga field with a 65% interest, partnering with Esso Exploration and Production Nigeria, which holds 20%, and Nigerian Agip Exploration, which holds 15%, on behalf of the Nigerian National Petroleum Company.

The Bonga field is situated in OML 118 in water depths exceeding 1,000m. Production began in 2005, with the field capable of producing up to 225,000 barrels of oil per day (bopd).

By 2023, the field had produced its one-billionth barrel of crude oil.

Production operations at Bonga are carried out using the Bonga floating production storage and offloading (FPSO) vessel.

In December last year, Shell announced a final investment decision on Bonga North, a subsea tie-back project to the Bonga FPSO.

Bonga North is estimated to contain more than 300 million barrels of oil equivalent in recoverable resources.

Peak output is anticipated to reach 110,000bopd, with first oil targeted before the end of the decade.