BAKU, Azerbaijan, November 25. TotalEnergies' Nigerian subsidiary, TotalEnergies EP Nigeria (TEPNG), has completed the sale of its 12.5% non-operated interest in the OML 118 Production Sharing Contract (PSC) to Shell Nigeria Exploration and Production Company Ltd (10%) and Nigerian Agip Exploration (2.5%) for a total of $510 million, the company said, Trend reports.
The divestment forms part of TotalEnergies’ portfolio optimization strategy in Nigeria, where the company has operated for more than 60 years. TotalEnergies employs over 1,800 people across multiple business segments in the country and produces around 209,000 barrels of oil equivalent per day (boe/d) as of 2024.
In addition to upstream operations, TotalEnergies runs a network of about 540 service stations in Nigeria and emphasizes socio-economic engagement with local communities.