Standard Chartered has acted as the exclusive financial adviser to TotalEnergies on the transaction, coordinating a competitive sale process and advising on all aspects of the transaction.

The bank acted as the exclusive financial advisor to Total Energies for the divestment of its non-operated 12.5 per cent interest in the OML118 Production Sharing Contract to Shell Nigeria Exploration and Production Company Limited, as part of Total’s strategy to actively high-grade its upstream portfolio.

Asset overview and transaction summary: OML118 PSC is operated by SNEPCo (55 per cent), in partnership with Esso Exploration and Production Nigeria (20 per cent), TotalEnergies EP Nigeria (12.5 per cent), and Nigerian Agip Exploration (12.5 per cent).

Located deep offshore at 120km south of the Niger Delta in Nigeria, the asset contains the Bonga field, which started production in 2005 and has produced over a billion barrels of crude oil.

The asset also contains the Bonga North field, which achieved Final Investment Decision in 2024. The transaction comes on the back of TotalEnergies ongoing high-grading of its upstream portfolio, to focus on assets with low technical costs and low emissions, and to lower its cash breakeven. Completion of the transaction is subject to customary conditions, including regulatory approvals.

This transaction, according to a statement, consolidates the bank’s position as a leading M&A adviser in the energy space across Asia, Africa, and the Middle East, with nine transactions completed in the last 18 months across upstream, midstream, and downstream sectors.

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