• TotalEnergies divests 12.5% stake in Nigeria’s Bonga field to Shell
• Deal aligns with strategy to cut costs and prioritize low-carbon assets
• Shell expands deep-water operations with added 11,000 boe/day output

TotalEnergies has sold its non-operated 12.5% stake in Nigeria’s Bonga deep-water oil field to Shell for $510 million. The transaction, finalized on May 29, 2025, aligns with the French energy company’s ongoing strategy to streamline its portfolio and focus on lower-carbon, more competitive assets.

Located offshore Nigeria in the OML 118 block, the Bonga field is one of the country’s major deep-water oil developments. Shell, already a partner in the project, increases its exposure to a producing asset that generates approximately 11,000 barrels of oil equivalent per day.

“In Nigeria, is focusing on its operated gas and offshore oil assets and is currently progressing the development of the Ubeta project, designed to sustain gas supply to Nigeria LNG,” TotalEnergies stated.

The sale is part of a broader divestment effort. In August 2024, TotalEnergies offloaded the Olo and Olo West fields, marginal reserves previously held under its partnership with Nigeria’s national oil company, NNPC Ltd. These assets were part of the former OML 58.

In 2023, the company had also put up for sale a 10% interest in a group of assets comprising 13 onshore oil fields, three shallow water fields, and rights linked to 3,500 km of pipelines tied to the Bonny and Forcados export terminals.

Elsewhere in Africa, TotalEnergies has continued to sell stakes in various projects, including in South Africa, as it reshapes its portfolio in favor of capital-efficient, lower-emission ventures.