TotalEnergies has announced that its subsidiary TotalEnergies EP Nigeria (TEPNG) has completed the divestment of its 12.5% non-operated interest in the OML118 Production Sharing Contract (PSC) to Shell Nigeria Exploration and Production Company Ltd (10%) and Nigerian Agip Exploration (2.5%) for an aggregated amount of USD 510 million.
The feat according to experts, will grow local content in the nation’s oil and gas as local firms are expected to cash in the new divestments.
Business Hilights recalls that TotalEnergies has been present in Nigeria for more than 60 years and employs today more than 1,800 people across different business segments. Nigeria is one of the main contributing countries to TotalEnergies’ hydrocarbon production with 209,000 boe/d produced in 2024. TotalEnergies also operates an extensive distribution network which includes about 540 service stations in the country.
In all its operations, TotalEnergies is particularly attentive to the socio-economic development of the country and is committed to working with local communities.
