TotalEnergies Sells Nigerian Oil Field Stake to Shell

Lagos: TotalEnergies announced today that it will sell its stake in a major offshore oil field in Nigeria to Shell for $510 million. In separate statements, the two companies said that TotalEnergies is relinquishing its 12.5% stake in the Bonga field, raising Shell's share to 67.5%. According to Qatar News Agency, with this move, the French company is exiting the production-sharing agreement signed in 2021 between the Nigerian government, TotalEnergies, Shell, ExxonMobil, and Eni, after two years of difficult negotiations.