Nigeria, May 30 -- Shell Nigeria Exploration and Production Company (SNEPCo), a subsidiary of Shell plc, signed an agreement with TotalEnergies EP Nigeria Limited (TotalEnergies) on May 28 to acquire its 12.5% stake in the OML 118 Production Sharing Contract (OML 118 PSC), an oil mining lease offshore Nigeria that includes the Bonga field. Upon completion, this transaction increases Shell's interest in the OML 118 PSC from 55% to 67.5%.SNEPCo is the operator under the OML 118 PSC. It currently produces from the Bonga field via the Bonga Floating Production Storage and Offloading (FPSO) vessel and announced the development of the Bonga North field in December 2024. The transaction is subject to regulatory approvals and other closing conditio...