TotalEnergies sells share of Bonga PSC offshore Nigeria to Shell, Eni
TotalEnergies EP Nigeria has exited the OML 118 production sharing contract (PSC) offshore Nigeria, which contains the deepwater Bonga oil and gas field.
Shell Nigeria Exploration and Production Co. (SNEPCo) has acquired 10% of TotalEnergies’ interest, lifting its operated stake in the PSC to 65%.
Eni subsidiary Nigeria Agip Exploration exercised its pre-emption right to acquire the remaining 2% interest, increasing its interest to 15%. Esso Exploration and Production Nigeria (20%) is the other partner.
TotalEnergies netted $510 million from the two transactions.
Last year the partners took FID on the Bonga North subsea tieback to the Bonga Main FPSO. The development involves drilling, completing and starting up eight new production wells and eight water injectors, installing new subsea infrastructure, and associated modifications to the FPSO.
Shell estimates Bonga North’s recoverable resource at more than 300 MMboe. It expects the development to achieve peak oil production of 110,000 bbl/d, with startup occurring before the end of this decade.
More offshore Africa content:
