Shell Increases Stake in Nigeria’s Bonga Oilfield

Shell has agreed to acquire TotalEnergies’ 12.5% non-operated stake in Nigeria’s Bonga oilfield for $510 million, raising Shell’s ownership in the OML 118 Production Sharing Contract from 55% to 67.5%. The acquisition supports Shell's strategy to boost upstream production, especially as it develops the Bonga North project, which is expected to deliver over 300 million barrels of oil equivalent and reach peak output of 110,000 barrels per day by the end of the decade. The Bonga field began production in 2005 and reached a milestone of one billion barrels of crude oil produced in 2023. For TotalEnergies, the sale is part of its plan to focus on assets with lower technical costs and emissions, and to emphasize its operated gas and offshore oil projects such as the Ubeta project for Nigeria LNG. The transaction is subject to regulatory approval. TotalEnergies remains committed to Nigeria, where it employs over 1,800 people and maintains a broad service station network.