Shell Nigeria Exploration and Production Company (SNEPCo), a subsidiary of Shell plc, has completed the previously announced agreement and increased its stake in the OML 118 Production Sharing Contract (OML 118 PSC) from 55% to 65%.

Following our final investment decision on Bonga North last year, this acquisition represents another significant investment in Nigeria deep-water, and is part of Shell’s strategy to further invest in competitive existing assets that contribute to sustained liquids production and growth in our Upstream portfolio.

Background

• Nigerian Agip Exploration Ltd, a subsidiary of Eni S.p.A, exercised its pre-emption rights to acquire an additional 2.5% interest in the OML 118 PSC, reducing the 12.5% interest that SNEPCo had agreed to acquire to 10%.
• SNEPCo (65%) operates the Bonga field in partnership with Esso Exploration and Production Nigeria Ltd. (20%), and Nigerian Agip Exploration Ltd. (15%), on behalf of the Nigerian National Petroleum Company Limited (NNPC).
• This targeted investment contributes towards growing Shell’s combined Integrated Gas and Upstream total production by 1% per year to 2030 and contributes towards sustaining our 1.4 million barrels per day of liquids production.

KeyFacts Energy: Shell Nigeria country profile