OML118 PSC is operated by SNEPCo (55%), in partnership with Esso Exploration and Production Nigeria (20%), TotalEnergies EP Nigeria (12.5%), and Nigerian Agip Exploration (12.5%).
Located deep offshore at 120 km south of the Niger Delta in Nigeria, it contains the Bonga field, which started production in 2005, as well as the Bonga North field, the development of which started in 2024.
Production from the OML 118 PSC, which is mainly oil, represents approximately 11,000 boe/d in Company share in 2024.
Completion of the transaction is subject to customary conditions, including regulatory approvals.
Nicolas Terraz, President Exploration & Production at TotalEnergies said:
- TotalEnergies continues to actively high-grade its Upstream portfolio, to focus on assets with low technical costs and low emissions, and to lower its cash breakeven;
- in Nigeria, the Company is focusing on its operated gas and offshore oil assets and is currently progressing the development of Ubeta project, designed to sustain gas supply to Nigeria LNG.
About TotalEnergies in Nigeria
TotalEnergies has been present in Nigeria for more than 60 years and employs today more than 1,800 people across different business segments.
Nigeria is one of the main contributing countries to TotalEnergies’ hydrocarbon production with 209,000 boe/d produced in 2024.
TotalEnergies also operates an extensive distribution network which includes about 540 service stations in the country.
In all its operations, TotalEnergies is particularly attentive to the socio-economic development of the country and is committed to working with local communities.
