Nigeria’s oil regulator has approved a major 510 million dollar deal involving TotalEnergies, Shell, and Nigerian Agip Exploration. The agreement will see TotalEnergies sell its entire 12.5 percent stake in Oil Mining Lease 118, which is home to the offshore Bonga oilfield
Under the terms of the transaction, Shell will take a 10 percent share for 408 million dollars, while Nigerian Agip Exploration will acquire the remaining 2.5 percent for 102 million dollars. As part of the deal, both buyers will also assume all responsibilities tied to the stake This includes decommissioning obligations, environmental responsibilities, and commitments to host communities
The approval was granted under the Petroleum Industry Act of 2021 after due diligence was carried out by the regulator However, the deal still needs ministerial consent before it can be fully completed
For Shell, this acquisition further strengthens its presence in Nigeria’s deepwater sector at a time when the company has been selling off many of its onshore assets It aligns with Shell’s focus on large scale offshore projects that offer long term production and growth potential
For TotalEnergies, the divestment is part of its broader strategy to streamline its portfolio and focus on assets that are less risky and more profitable The company has been gradually shifting its investment priorities, and this sale reflects its move toward projects that fit better with its global objectives
The transaction marks another significant step in Nigeria’s oil industry as international companies adjust their portfolios and strategies in response to changing market conditions and local regulations With the transfer of liabilities and responsibilities included, this deal could shape the way future asset sales in the country are structured