TotalEnergies’ Nigerian subsidiary, TotalEnergies EP Nigeria (TEPNG), has finalized 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 transaction is part of TotalEnergies’ broader strategy to optimize its portfolio in Nigeria, where the company has been active for over six decades. As of 2024, TotalEnergies’ operations in Nigeria produced approximately 209,000 barrels of oil equivalent per day and employed more than 1,800 people across various business segments.

Beyond its upstream activities, TotalEnergies also manages a network of around 540 service stations in the country and continues to engage in socio-economic initiatives that support local communities.

This divestment aligns with the company’s ongoing efforts to refine its asset portfolio while maintaining a strong presence in the Nigerian energy market.