Oil Mining Lease

TotalEnergies has sold a 12.5% stake in Nigeria’s OML 118 to Shell Nigeria and Nigerian Agip Exploration for $510 million. The deal involves the Bonga oil field and aligns with TotalEnergies’ strategy to optimize its portfolio and focus on high-return ventures. Analysts suggest this move signals a broader trend of international oil companies reassessing investments in mature African oil fields due to concerns over security, regulation, and the energy transition. TotalEnergies remains a significant player in Nigeria despite the divestment.