Nigeria, May 30 -- Shell Nigeria Exploration and Production Company Limited (SNEPCo) took a giant stride towards cementing its hold on Nigeria's deepwater oil sector with the $510 million high-cost acquisition of a Shell Nigeria 12.5 percent stake in Oil Mining Lease 118 (OML 118) from French oil major TotalEnergies.

The transaction indicates Shell's upbeat mood is gaining momentum in Nigeria's deepwater prospectivity, specifically in the Bonga oilfield, where it already holds over half of the operating rights.

The sale, subject to normal final regulatory approval and closing conditions, will raise Shell's overall stake in the offshore lease to 67.5 percent from 55 percent. The upgrade falls under Shell's plan to accelerate Nigerian dee...