Shell Increases Stake in Nigeria's Bonga Field
Key highlights
- Shell's stake in OML 118 PSC increased from 55% to 65%.
- Nigerian Agip Exploration Ltd acquired an additional 2.5% interest.
- SNEPCo operates Bonga field with Esso (20%) and Agip (15%).
Stake Increase
Shell Nigeria Exploration and Production Company (SNEPCo) has increased its stake in the OML 118 Production Sharing Contract from 55% to 65%.
Partnership Details
SNEPCo operates the Bonga field in partnership with Esso Exploration and Production Nigeria Ltd. (20%) and Nigerian Agip Exploration Ltd. (15%).
Agip's Additional Interest
Nigerian Agip Exploration Ltd exercised its pre-emption rights to acquire an additional 2.5% interest, reducing SNEPCo's initially agreed acquisition from 12.5% to 10%.
Production Goals
This investment supports Shell's goal to grow its Integrated Gas and Upstream total production by 1% annually until 2030, maintaining 1.4 million barrels per day of liquids production.
Source: Shell