Shell Nigeria Exploration and Production Company, SNEPCo, a subsidiary of Shell (SHEL), signed an agreement with TotalEnergies (TTE) EP Nigeria Limited on May 28 to acquire its 12.5% stake in the OML 118 Production Sharing Contract, 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%.
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