Shell adds 10% stake in operated field offshore Nigeria as Eni exercises preemption right

Shell Nigeria Exploration and Production Co. (SNEPCo), a subsidiary of Shell plc, has added 10% interest to its stake in Bonga field offshore Nigeria.

The now-completed deal with TotalEnergies EP Nigeria Ltd. brings Shell’s stake in the OML 118 production sharing contract to 65% from 55%, a slight decrease in the total expected stake as Eni SpA subsidiary Nigeria Agip Exploration Ltd. (NAE) exercised its preemption right to acquire a 2.5% stake from TotalEnergies’ 12.5% share.

SNEPCo (65%) operates Bonga field in partnership with Esso Exploration and Production Nigeria Ltd. (20%), and NAE (15%), on behalf of the Nigerian National Petroleum Co. Ltd. (NNPC).

Bonga field lies in the Gulf of Guinea about 120 km south of the Niger Delta in water depths over 1,000 m. The field is produced via a floating production storage and offloading (FPSO) vessel with capacity to produce 225,000 b/d of oil.

Last year, SNEPCo took final investment decision (FID) to develop Bonga North via subsea tieback to the FPSO.