TotalEnergies sells $510m stake in Bonga Field to Shell

TotalEnergies has agreed to divest its 12.5 per cent non-operated interest in Nigeria’s deepwater Bonga Field under the Oil Mining Lease (OML) 118 Production Sharing Contract (PSC) to Shell Nigeria Exploration and Production Company Ltd (SNEPCo) for $510 million, in a move reflecting its broader portfolio shift towards low-cost, low-emission assets.