TotalEnergies announces that its subsidiary TotalEnergies EP Nigeria (TEPNG) has completed the divestment of its 12.5% non-operated interest in the OML118 Production Sharing Contract (PSC) to Shell Nigeria Exploration and Production Company Ltd (10%) and Nigerian Agip Exploration (2.5%) for an aggregated amount of USD 510 million.

TotalEnergies was on 29 May 2025, announced that its subsidiary TotalEnergies EP Nigeria (TEPNG) has signed an agreement with Shell Nigeria Exploration and Production Company Ltd (SNEPCo) for the sale of its non-operated 12.5% interest in the OML118 Production Sharing Contract (PSC) for an amount of $ 510 million.

OML118 PSC is operated by SNEPCo (55%), in partnership with Esso Exploration and Production Nigeria (20%), TotalEnergies EP Nigeria (12.5%), and Nigerian Agip Exploration (12.5%). Located deep offshore at 120 km south of the Niger Delta in Nigeria,

OML 118 contains the Bonga field, which started production in 2005, as well as the Bonga North field, the development of which began in 2024. Production from the OML 118 PSC, which is mainly oil, represents approximately 11,000 boe/d in the Company's share in 2024.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has signed off on a Sales Purchase Agreement (SPA) by TotalEnergies Exploration and Production Nigeria Limited to assign its entire 12.5% contractor interest in Oil Mining Lease (OML) 118 to Shell Nigeria Exploration and Production Company (SNEPco) and Nigerian Agip Exploration Limited (NAE).

According to the details of the agreement, TotalEnergies will transfer 10% of its interest to SNEPco for $408 000,000 while NAE will pay $102,000,000 for the remaining 2.5%. SNEPco and NAE are expected to have paid 5% and 2% respectively of the transaction purse on the total value of $510,000,000 as premium on ministerial consent and processing fees.