News wire — French oil major TotalEnergies has agreed to sell its 12.5% stake in the Bonga oilfield offshore Nigeria to Shell, the field’s operator, for $510 million.
TotalEnegies announced this on Thursday, according to Reuters, a development that will bring Shell’s stake in the Bonga field to 67.5%.
The deal, Reuters also reports, shows Shell’s continued interest in producing oil offshore Nigeria after selling its spill-plagued Nigerian onshore assets to Renaissance, a consortium of four local companies and an international energy group.
Last year, the owners of Bonga decided on an extension of the field to add 110,000 barrels of oil equivalent per day with the first oil expected to flow by the end of the decade. Bonga’s floating production vessel has a capacity of 225,000 bpd.
“This acquisition brings another significant investment in Nigeria deep-water that contributes to sustained liquids production and growth in our Upstream portfolio,” said Shell’s upstream chief Peter Costello.
This article was originally posted at sweetcrudereports.com
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