Just when it seemed international oil majors were doubling down on Nigeria’s deepwater potential, TotalEnergies introduced a surprising shift.
The French energy company recently announced it is selling its remaining 12.5% non-operated stake in the Bonga field—one of Nigeria’s pioneering deepwater oil developments—to Shell, which already holds a controlling 55% interest in the asset.
Discovered in 1995 and located over 100 kilometres offshore under OML 118, Bonga began production in 2005 and currently delivers around 225,000 barrels of oil equivalent per day.
Shell operates the field, with other partners including ExxonMobil (20%), Oando (12.5%), and until now, TotalEnergies (12.5%).
This divestment, however subject to approval, has sparked speculation about whether TotalEnergies is pulling back from Nigeria’s offshore sector.
The answer is a clear no.
Despite exiting Bonga, TotalEnergies remains a key player in Nigeria’s deepwater space, with substantial interests in three other offshore fields.
This includes:
- Egina field
TotalEnergies operates the Egina field with a 24% stake, alongside partners CNOOC, NNPC Ltd, SAPETRO, and Prime 130.
Located approximately 150 km offshore in PML 2/3/4 (formerly OML 130), Egina was discovered in 2003 and came online in 2018.
The field produces about 200,000 barrels of oil equivalent per day and became Nigeria’s first oil project to achieve zero routine flaring in 2019.
- Akpo field
Another ultra-deepwater asset under TotalEnergies’ operatorship is the Akpo field, discovered in 2000 and located 200 km off the coast of Port Harcourt, also within OML 130.
Akpo began production in 2009 and was producing around 130,000 barrels of oil equivalent per day as of 2020.
TotalEnergies holds a 24% interest, partnering with CNOOC (45%), Africa Oil (16%), NNPC Ltd (10%), and SAPETRO (5%).
- Owowo field
TotalEnergies also holds an 18% non-operated stake in the Owowo field, which is operated by ExxonMobil.
Though not yet in production, Owowo is another promising and strategic offshore asset in the company’s Nigerian portfolio.
The bottom line is, TotalEnergies’ exit from Bonga does not signal a retreat from Nigeria’s deepwater oil sector.
The company still operates two of the country’s most significant ultra-deepwater projects—Egina and Akpo—and maintains a substantial non-operated interest in Owowo.
In other words, TotalEnergies has a combined 66% operated and non-operated interest across three offshore assets in Nigeria, outside Bonga.