Shell has acquired TotalEnergies’ 12.5% stake in Nigeria’s Bonga oilfield for $510 million, strengthening its position offshore.
Abuja — TotalEnergies has agreed to sell its 12.5% stake in Nigeria’s offshore Bonga oilfield to Shell for $510 million, the French oil firm announced Thursday.
The deal raises Shell’s holding in Bonga to 67.5% and signals its continued offshore commitment after exiting onshore operations.
“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.
Bonga’s expansion aims to add 110,000 barrels per day by decade’s end.