Shell Nigeria Exploration and Production Company (10%) and Nigerian Agip Exploration (2.5%) have acquired TotalEnergies EP Nigeria’s 12.5% non-operated interest in the OML118 production sharing agreement for $510 million.
Shell’s purchase marks TotalEnergies’ exit from this mature offshore asset as part of the company’s strategy to optimize its upstream portfolio. The sale proceeds will support TotalEnergies’ financial discipline amid more selective investment choices.
TotalEnergies signed agreements with Conoil Producing Limited to acquire a 50% working interest in OPL257, increasing its stake in this Nigerian offshore block to 90%.
With production of 209,000 barrels of oil equivalent per day in 2024, Nigeria continues to be a key contributor to TotalEnergies’ hydrocarbon output. The company also runs an extensive distribution network with around 540 service stations across the country.
source: www.marketscreener.com
African Energy Council