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

Published 2 days agoTTE

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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