TotalEnergies

TotalEnergies will sell its 12.5% stake in Nigeria’s OML118 PSC to Shell for $510 million to focus on lower-emission assets. The OML118 asset includes the Bonga field, with the sale expected to reduce TotalEnergies’ Nigerian output by approximately 11,000 barrels of oil equivalent per day in 2024. This move aligns with TotalEnergies’ strategy to streamline its portfolio and concentrate on existing gas and offshore oil projects, including the Ubeta project.

TotalEnergies launched oil production from its Mero-4 phase in Brazil’s pre-salt Santos Basin, bolstering its low-carbon strategy. The offshore project, linked to the 180,000 b/d Alexandre de Gusmão FPSO, employs emissions-reduction technologies like gas reinjection. Combined with existing units, Mero’s total output reaches 770,000 b/d. TotalEnergies’ stake is expected to deliver 100,000 boe/d. Operated by the Libra Consortium (Petrobras, TotalEnergies, Shell, CNPC, CNOOC, and Pré-Sal Petróleo), the project aligns with the company’s 3% annual production growth target by 2030. TotalEnergies also emphasized Brazil’s role in its renewables expansion, including a 12 GW solar/wind joint venture, balancing hydrocarbon growth with sustainability goals.