Nigeria Approves $510m Shell, Agip Oilfield Buyout
Nigeria’s oil regulator has approved Shell and Agip’s acquisition of TotalEnergies’ stake in the
Bonga oilfield, marking a significant shift in the country’s deepwater energy sector. The $510
million deal, announced on September 25, 2025, highlights the ongoing restructuring of
Nigeria’s oil and gas industry and could shape future investments in offshore exploration.
Nigeria’s oil regulator has approved a $510 million deal allowing TotalEnergies to divest its
entire 12.5 percent stake in the country’s offshore Bonga oilfield, with Shell and Agip emerging
as the new equity holders.
According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Shell will
acquire 10 percent of the stake while Agip will take 2.5 percent. The regulator explained that the
buyers are required to assume all existing liabilities, including decommissioning costs and
community development obligations, as part of the approval process.
In addition, Shell and Agip are expected to pay a combined seven percent in premium and
processing fees to the government. The transaction, however, still awaits final ministerial
consent before it can be fully concluded.
The Bonga oilfield, operated under Oil Mining Lease (OML) 118, is a deep-water project that
has played a central role in Nigeria’s crude oil output since production began in 2005. Energy
analysts say the transaction underscores the ongoing restructuring of Nigeria’s oil and gas
industry as international oil companies reassess their portfolios in the country.
Industry watchers also noted that the development comes amid broader discussions over reforms
to the Petroleum Industry Act (PIA), with the government considering adjustments to boost
transparency and revenue inflows from upstream operations.
By Oyinkansola Shittu.
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