Nigeria OKs TotalEnergies' $510M stake sale to Shell, Agip

[Exterior view of the headquarters of the oil company TotalEnergies, formerly known as Total]
HJBC/iStock Editorial via Getty Images

Nigeria's oil regulator said Thursday it approved [https://www.reuters.com/business/energy/nigeria-agrees-totalenergies-510-million-stake-sale-shell-agip-2025-09-25/] TotalEnergies' (NYSE:TTE [https://seekingalpha.com/symbol/TTE]) $510 million agreement to sell its entire 12.5% in oil mining lease 118, which hosts the offshore Bonga oilfield, to field operator Shell (NYSE:SHEL [https://seekingalpha.com/symbol/SHEL]) and Agip.

TotalEnergies (NYSE:TTE [https://seekingalpha.com/symbol/TTE]) will transfer 10% of its interest to Shell (NYSE:SHEL [https://seekingalpha.com/symbol/SHEL]) at a cost of $408 million while Agip will pay $102 million for the remaining 2.5%, the Nigerian Upstream Petroleum Regulatory Commission, according to Reuters.

The deal raises Shell's (NYSE:SHEL [https://seekingalpha.com/symbol/SHEL]) stake in Bonga to 67.5%, highlighting its continued interest in offshore Nigeria production after selling its spill-plagued onshore assets.

However, the regulator pulled its approval for TotalEnergies' (NYSE:TTE [https://seekingalpha.com/symbol/TTE]) $860 million asset sale to Mauritius-based Chappal Energies because the two sides had not met financial commitments required to complete the deal.

MORE ON TOTALENERGIES AND SHELL

* TotalEnergies Presents At Barclays 39th Annual CEO Energy-Power Conference 2025 (Transcript) [https://seekingalpha.com/article/4819576-totalenergies-se-tte-presents-at-barclays-39th-annual-ceo-energy-power-conference-2025]
* TotalEnergies: A Company In Transition Towards A Green Agenda [https://seekingalpha.com/article/4816438-totalenergies-a-company-in-transition-towards-a-green-agenda]
* Shell: The Refocusing Effort Continues [https://seekingalpha.com/article/4819412-shell-the-refocusing-effort-continues]