Shell Acquires TotalEnergies’ Stake in Nigeria’s Bonga Offshore Oil Field
Shell has recently made a significant move in Nigeria’s oil sector by agreeing to purchase TotalEnergies’ 12.5% stake in the Bonga offshore oil field for $510 million. This acquisition will increase Shell’s share in the field to 67.5%, solidifying its presence in the region.
The Bonga field, located 120 km south of the Niger Delta, is a crucial asset in Nigeria’s oil industry, boasting a daily production capacity of 250,000 barrels. The transaction signifies TotalEnergies’ strategic exit from a production-sharing agreement signed with Nigeria in 2021, which also involved ExxonMobil and Eni.
For Shell, the deal represents a significant investment to enhance its upstream portfolio in Nigeria’s deepwater operations. By increasing its stake in the Bonga field, Shell aims to strengthen its position in the region and capitalize on the field’s production potential.
On the other hand, TotalEnergies has stated that it will now shift its focus towards its operated gas and offshore oil assets in Nigeria. This strategic decision aligns with TotalEnergies’ broader business objectives and allows the company to reallocate resources to areas where it sees greater growth opportunities.
Overall, the acquisition of TotalEnergies’ stake in the Bonga offshore oil field underscores the dynamic nature of the oil and gas industry in Nigeria. As companies like Shell and TotalEnergies adjust their portfolios and strategic priorities, they are reshaping the landscape of the country’s energy sector.
Source: IOL
