Shell Nigeria Exploration and Production Company, a subsidiary of Shell plc, has signed an agreement with TotalEnergies EP Nigeria Limited to acquire its 12.5 percent interest in the OML 118 Production Sharing Contract (OML 118 PSC). The agreement, signed on 28 May, will increase Shell’s total interest in the offshore asset from 55 percent to 67.5 percent upon completion.
OML 118 is located offshore Nigeria and includes the prolific Bonga field. SNEPCo is the operator under the PSC and currently produces from the Bonga field via the Bonga Floating Production Storage and Offloading vessel. In December 2024, the company announced the development of the Bonga North field — a key component of its growth strategy in Nigerian deep-water assets.
Peter Costello, president of Shell’s Upstream business, commented:
“Following our final investment decision on Bonga North last year, this acquisition brings another significant investment in Nigeria deep-water that contributes to sustained liquids production and growth in our Upstream portfolio.”
The transaction remains subject to regulatory approvals and other standard closing conditions, and is expected to be completed before the end of 2025.
The move further reinforces Shell’s long-term commitment to Nigeria’s energy sector and strengthens its position as a leading operator in the region’s deep-water oil and gas industry.
For more information visit www.shell.com
