Nigeria’s Upstream Petroleum Regulatory Commission (NUPRC) has approved the $510 million acquisition of TotalEnergies’ 12.5% stake in the Bonga oilfield by Shell and Agip, as reported by Reuters on September 25, 2025. The deal sees Shell Nigeria Exploration & Production Company (SNEPco) take 10% for $408 million, while Nigerian Agip Exploration (NAE) acquires 2.5% for $102 million.
The transaction raises Shell’s holding in the deepwater Bonga field to 67.5%, strengthening its position as operator of one of Nigeria’s most important offshore oil assets. Shell’s Upstream President, Peter Costello, said, “This acquisition brings another significant investment in Nigeria deep-water that contributes to sustained liquids production and growth in our Upstream portfolio.”
TotalEnergies, which had held a non-operated interest in Bonga since its development, said the sale aligns with its global strategy. Nicolas Terraz, the company’s President of Exploration & Production, noted, “TotalEnergies continues actively to high-grade its upstream portfolio, to focus on assets with low technical costs and low emissions, and to lower its cash breakeven.”
The NUPRC confirmed that both Shell and Agip passed competency reviews and will assume liabilities tied to the stake, including decommissioning and community obligations. “The Commission has ensured that obligations to host communities and environmental standards are protected under this approval,” a regulator spokesperson said in a statement reported by Reuters.
Production at Bonga began in 2005 and has been central to Nigeria’s offshore oil output. Shell launched Bonga North, the next phase of development, in 2024, underlining its long-term commitment to the field. As highlighted by Shell, the acquisition forms part of its strategy to expand offshore holdings after divesting onshore assets to Renaissance.
