Shell Expands With $510 Million Purchase in Nigeria's Bonga Field

Published 1 hours agoSHEL

Shell Expands With $510 Million Purchase in Nigeria's Bonga Field

Shell has agreed to purchase TotalEnergies' 12.5% non-operated stake in the Bonga oil field in Nigeria for $510 million. This acquisition will increase Shell's operational stake in the Bonga field to 67.5%, further solidifying its presence in Nigeria's offshore oil industry. Reuters reported that this move is part of TotalEnergies' broader strategy to streamline its portfolio by focusing on assets with lower technical costs and reduced emissions.

The Bonga oil field, situated in Oil Mining Lease 118, has been operational since 2005 and boasts a production capacity of 225,000 barrels of oil per day. Shell's acquisition aligns with its ongoing investments in Nigeria, including the Bonga North deep-water project. This upcoming $5 billion project is expected to produce approximately 350 million barrels of crude oil, with first oil anticipated by the end of the decade.

This transaction is still subject to regulatory approvals and customary closing conditions. Shell remains committed to enhancing its upstream portfolio in Nigeria, concentrating on high-value and low-emission assets, consistent with its global strategy to manage its asset base and participate in substantial offshore projects.

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Shell Expands With $510 Million Purchase in Nigeria's Bonga Field

Shell Expands With $510 Million Purchase in Nigeria's Bonga Field

1 hours agoSHEL

Shell has agreed to purchase TotalEnergies' 12.5% non-operated stake in the Bonga oil field in Nigeria for $510 million. This acquisition will increase Shell's operational stake in the Bonga field to 67.5%, further solidifying its presence in Nigeria's offshore oil industry. Reuters reported that this move is part of TotalEnergies' broader strategy to streamline its portfolio by focusing on assets with lower technical costs and reduced emissions. The Bonga oil field, situated in Oil Mining Lease 118, has been operational since 2005 and boasts a production capacity of 225,000 barrels of oil per day. Shell's acquisition aligns with its ongoing investments in Nigeria, including the Bonga North deep-water project. This upcoming $5 billion project is expected to produce approximately 350 million barrels of crude oil, with first oil anticipated by the end of the decade. This transaction is still subject to regulatory approvals and customary closing conditions. Shell remains committed to enhancing its upstream portfolio in Nigeria, concentrating on high-value and low-emission assets, consistent with its global strategy to manage its asset base and participate in substantial offshore projects.

TotalEnergies Sells Stake in Nigeria's Bonga Oil Field for $510 Million

TotalEnergies Sells Stake in Nigeria's Bonga Oil Field for $510 Million

TotalEnergies has officially announced its decision to sell its 12.5% non-operated stake in Nigeria's Bonga oil field to a subsidiary of Shell for $510 million. This significant move underscores TotalEnergies' efforts to strategically adjust its asset portfolio, aligning with a business strategy focused on initiatives with lower technical costs and reduced emissions, Reuters reported. The Bonga oil field plays a key role in Nigeria's offshore oil production, having been developed in 2005. This field has been an essential contributor to the country's output, highlighting the importance of offshore projects within Nigeria's energy landscape. The sale at $510 million reflects TotalEnergies' systematic approach to refining its investments, notably aiming to lower its cash breakeven point amid broader market adjustments. This transaction is part of a wider industry trend where prominent oil companies are steering away from onshore Nigerian investments in favor of more lucrative offshore ventures. TotalEnergies' divestment aligns with similar strategic movements by industry peers, all of which aim to bolster financial results by concentrating resources on higher-yield projects.

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