TotalEnergies sells stake in Nigeria's Bonga field to Shell for $510 million
TotalEnergies has agreed to sell its 12.5% stake in Nigeria's Bonga oil field to a Shell subsidiary for $510 million.
This transaction will increase Shell's ownership in the Bonga field to 67.5%.
The deal remains subject to regulatory approvals and is expected to conclude by year-end.
French energy giant TotalEnergies announced on Thursday that it will sell its 12.5% non-operating stake in Nigeria's Bonga oil field to a subsidiary of Shell for $510 million.
The divestment, made through TotalEnergies EP Nigeria, was confirmed in an official statement from the company.
The deal will increase Shell's ownership in the Bonga oil field to 67.5%, stressing its sustained focus on offshore oil production in Nigeria, even as it retreats from onshore operations plagued by oil spills.
" 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."
Shell recently sold those assets to Renaissance, a consortium made up of ND Western, Aradel Energy, First E&P, Waltersmith, and Petrolin, in a deal worth up to $2.4 billion.
Bonga field set for major expansion
In a move to boost output, Bonga's stakeholders approved a field extension project aimed at adding 110,000 barrels of oil equivalent per day, with the first oil expected by the end of the decade, according to Reuters.
The field's floating production, storage and offloading (FPSO) vessel has a total processing capacity of 225,000 barrels per day.
'This acquisition brings another significant investment in Nigeria deep-water that contributes to sustained liquids production and growth in our Upstream portfolio,' said Shell's upstream chief Peter Costello.
Esso Exploration and Production Nigeria, a subsidiary of Exxon, holds a 20% stake in the Bonga field, while Agip, owned by Oando, controls 12.5%. The transaction is pending regulatory approvals and is anticipated to be finalized by year-end.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New York Times
a minute ago
- New York Times
France Rebukes E.U.'s Trade Deal With Trump
A day after the European Union and United States struck a trade deal on Sunday, the French government has come out swinging against the agreement, calling instead for tariff retaliation and warning that Europe would be politically weakened if it didn't hit back. 'It is a dark day when an alliance of free peoples, gathered to affirm their values and defend their interests, resolves to submit,' Prime Minister François Bayrou wrote on X about the deal, which imposes 15 percent tariffs on European imports to the United States, but lowers barriers in European countries for American imports. France had been leading a charge in Europe to retaliate against the United States ahead of the deal, after an earlier threat by Mr. Trump to impose a punishing 30 percent tariff on the Europeans. Mr. Trump's on-again, off-again tariff threats had galvanized President Emmanuel Macron in particular, who said the European Union had no choice but to present a show of force. Mr. Macron has yet to comment on the trade deal, but the sharpened attacks by a phalanx of his closest cabinet members were in line with his increasingly confrontational position toward Mr. Trump on key trans-Atlantic issues. Last week, Mr. Macron said his government would recognize a Palestinian state, setting France apart from the United States and most of its close allies, and risking friction with Mr. Trump. With the outlines of a trade deal now clearer, Mr. Macron's government has doubled down. Benjamin Haddad, France's minister in charge of European affairs, suggested that Mr. Trump's trade deal amounted to a predatory tactic and called for Europe to activate an anti-coercion instrument to tax U.S. digital services, or to exclude American tech companies from public contracts in Europe. 'The free trade that has brought shared prosperity to both sides of the Atlantic since the end of the Second World War is now being rejected by the United States, which has opted for economic coercion and complete disregard for W.T.O. rules,' Mr. Haddad wrote on Monday. 'We must quickly draw the necessary conclusions or risk being wiped out.' Want all of The Times? Subscribe.
Yahoo
4 hours ago
- Yahoo
Kepler Capital Maintained a Buy Rating on Genfit (GNFT)
Genfit S.A. (NASDAQ:GNFT) is one of the . On July 8, Justine Telliez from Kepler Capital maintained a Buy rating on Genfit S.A. (NASDAQ:GNFT) with a price target of €8.40. The rating comes after the company released its mid-year update on its liquidity contract with Credit Industriel et Commercial. The company noted that as of June 30, 2025, there were 201,000 shares in the liquidity account along with €398,484.67 in cash in liquidity. Moreover, the company also released details about its trading activity, which shows 1,412,901 shares were bought, 1,419,301 shares were sold, with the number of buy and sell trades standing at 2,673 and 1,894, respectively. A biotechnologist in a laboratory wearing a lab coat, preparing samples for a clinical trial. Genfit S.A. (NASDAQ:GNFT) is a French biopharmaceutical company that develops treatments and diagnostic tools for rare and serious liver diseases. While we acknowledge the potential of GNFT as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey.
Bloomberg
5 hours ago
- Bloomberg
Cinven Confirms Exclusive Talks for Data Services Firm Artefact
Private equity firm Cinven is in exclusive negotiations to acquire Artefact, a provider of data and artificial intelligence consulting services. The transaction is subject to regulatory approvals, according to a statement on Monday that confirmed an earlier Bloomberg News report. While financial terms weren't disclosed, people familiar with the matter have said the deal could value the French company at about €1 billion ($1.2 billion).
