Shell to Buy TotalEnergies' Stake in Nigerian Oil Field for $510 Million
Shell SHEL -0.06%decrease; red down pointing triangle will buy TotalEnergies' TTE 0.19%increase; green up pointing triangle stake in an oil field offshore Nigeria for $510 million, increasing its interest in the country's deep-water Bonga field.
Shell said Thursday that it will buy TotalEnergies' 12.5% stake in the oil field by purchasing its portion of the production-sharing contract. This will increase its interest in the field to 67.5% from 55%.
In a separate release, TotalEnergies said it was selling the stake for $510 million.
The agreement comes as Shell seeks to grow its combined integrated gas and upstream total production by 1% a year through 2030.
The transaction is subject to regulatory approvals and is expected to be completed before the end of this year, Shell said.
Write to Adam Whittaker at adam.whittaker@wsj.com
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