REG-TotalEnergies SE Nigeria: TotalEnergies Divests its Non-Operated Interest in the Bonga Field

TotalEnergies SEAnnouncement

29/05/2025 07:20

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250529:nBw7PZ24Pa&default-theme=true


Nigeria: TotalEnergies Divests its Non-Operated Interest in the Bonga Field

 

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) announces that its subsidiary
TotalEnergies EP Nigeria (TEPNG) signed an agreement with Shell Nigeria
Exploration and Production Company Ltd (SNEPCo) for the sale of its
non-operated 12.5% interest in the OML118 Production Sharing Contract (PSC)
for an amount of $ 510 million.

OML118 PSC is operated by SNEPCo (55%), in partnership with Esso Exploration
and Production Nigeria (20%), TotalEnergies EP Nigeria (12.5%), and Nigerian
Agip Exploration (12.5%). Located deep offshore at 120 km south of the Niger
Delta in Nigeria, it contains the Bonga field, which started production in
2005, as well as the Bonga North field, the development of which started in
2024. Production from the OML 118 PSC, which is mainly oil, represents
approximately 11,000 boe/d in Company share in 2024.

Completion of the transaction is subject to customary conditions, including
regulatory approvals.

"TotalEnergies continues to actively high-grade its Upstream portfolio, to
focus on assets with low technical costs and low emissions, and to lower its
cash breakeven" said Nicolas Terraz, President Exploration & Production at
TotalEnergies. “In Nigeria, the Company is focusing on its operated gas and
offshore oil assets and is currently progressing the development of Ubeta
project, designed to sustain gas supply to Nigeria LNG.”

About TotalEnergies in Nigeria

TotalEnergies has been present in Nigeria for more than 60 years and employs
today more than 1,800 people across different business segments. Nigeria is
one of the main contributing countries to TotalEnergies’ hydrocarbon
production with 209,000 boe/d produced in 2024. TotalEnergies also operates an
extensive distribution network which includes about 540 service stations in
the country. In all its operations, TotalEnergies is particularly attentive to
the socio-economic development of the country and is committed to working with
local communities.

About TotalEnergies

TotalEnergies is a global integrated energy company that produces and markets
energies: oil and biofuels, natural gas, biogas and low-carbon hydrogen,
renewables and electricity. Our more than 100,000 employees are committed to
providing as many people as possible with energy that is more reliable, more
affordable and more sustainable. Active in about 120 countries, TotalEnergies
places sustainability at the heart of its strategy, its projects and its
operations.

X @TotalEnergies
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Ftwitter.com%2FTotalEnergies&esheet=54260999&newsitemid=20250527814120&lan=en-US&anchor=%40TotalEnergies&index=1&md5=fbf260ef846fca37f956a9a6f3526260)
LinkedIn TotalEnergies
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Ftotalenergies%2F&esheet=54260999&newsitemid=20250527814120&lan=en-US&anchor=TotalEnergies&index=2&md5=8af3293c7e7d0e0cb9cb0f7783f9ef8a)
Facebook TotalEnergies
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.facebook.com%2FTotalEnergiesFrance%2F&esheet=54260999&newsitemid=20250527814120&lan=en-US&anchor=TotalEnergies&index=3&md5=7a03bd3fdb9659c7860d913582066253)
Instagram TotalEnergies
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.instagram.com%2Ftotalenergies%2F&esheet=54260999&newsitemid=20250527814120&lan=en-US&anchor=TotalEnergies&index=4&md5=a31bb2a06adb341536faee53dce3dc81)

Cautionary Note

The terms “TotalEnergies”, “TotalEnergies company” or “Company” in
this document are used to designate TotalEnergies SE and the consolidated
entities that are directly or indirectly controlled by TotalEnergies SE.
Likewise, the words “we”, “us” and “our” may also be used to refer
to these entities or to their employees. The entities in which TotalEnergies
SE directly or indirectly owns a shareholding are separate legal entities.
This document may contain forward-looking information and statements that are
based on a number of economic data and assumptions made in a given economic,
competitive and regulatory environment. They may prove to be inaccurate in the
future and are subject to a number of risk factors. Neither TotalEnergies SE
nor any of its subsidiaries assumes any obligation to update publicly any
forward-looking information or statement, objectives or trends contained in
this document whether as a result of new information, future events or
otherwise. Information concerning risk factors, that may affect
TotalEnergies’ financial results or activities is provided in the most
recent Universal Registration Document, the French-language version of which
is filed by TotalEnergies SE with the French securities regulator Autorité
des Marchés Financiers (AMF), and in the Form 20-F filed with the United
States Securities and Exchange Commission (SEC).

TotalEnergies 

Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com
(mailto:presse@totalenergies.com) l @TotalEnergiesPR 
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Ftwitter.com%2FTotalEnergiesPR&esheet=54260999&newsitemid=20250527814120&lan=en-US&anchor=%40TotalEnergiesPR&index=5&md5=edc9e8134044f67b1cfe4156189c151a)

Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
(mailto:ir@totalenergies.com)



View source version on businesswire.com:
https://www.businesswire.com/news/home/20250527814120/en/
(https://www.businesswire.com/news/home/20250527814120/en/)

TotalEnergies


Copyright Business Wire 2025