TotalEnergies has completed a significant divestment in Nigeria. The company finalized the sale of its 12.5% non-operated interest in the deepwater Bonga field. This transaction, valued at a combined $510 million, transfers the stake to two prominent energy companies, marking a notable shift in TotalEnergies’ portfolio within a key hydrocarbon region.
Transaction Details Unveiled
TotalEnergies successfully divested its 12.5% non-operated stake in the Bonga field. This deepwater asset forms part of the OML 118 Production Sharing Contract (PSC) area. The strategic sale generated a substantial $510 million, reflecting the value of this Nigerian offshore interest.
Acquiring Entities
Shell Nigeria Exploration and Production Company (SNEPCo) acquired a portion of the divested interest. Nigerian Agip Exploration (NAE) also purchased a share in the asset. These acquisitions solidify their respective presences within Nigeria’s deepwater exploration and production landscape.
Strategic Portfolio Adjustment
This divestment represents a major portfolio adjustment for TotalEnergies. The company consistently reviews its global assets to optimize its operational footprint. Consequently, this sale aligns with TotalEnergies’ ongoing strategy to manage its diverse energy investments worldwide.
Nigerian Hydrocarbon Presence
Nigeria remains a vital hydrocarbon-producing region for TotalEnergies, despite this sale. The OML 118 PSC area was specifically involved in this transaction. TotalEnergies continues to hold other significant assets and interests within the country, maintaining a strong presence in the Nigerian energy sector.
The successful completion of this $510 million deal underscores TotalEnergies’ active management of its international portfolio. The transaction impacts the company’s specific stake in a key African energy market. It highlights the dynamic nature of global energy asset ownership and strategic re-evaluations by major players.
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