London—Dentons has advised oil and gas major TotalEnergies on the sale by its subsidiary, TotalEnergies EP Nigeria (TEPNG), of its non-operated 12.5% interest in the OML118 Production Sharing Contract (OML 118 PSC) for US$510 million to Shell Nigeria Exploration and Production Company Ltd (SNEPCo).

Completion of the transaction is subject to customary conditions, including regulatory approvals.

OML118 PSC is operated by SNEPCo (55%), in partnership with Esso Exploration and Production Nigeria (20%), TEPNG (12.5%), and Nigerian Agip Exploration (12.5%).

Located deep offshore at 120km south of the Niger Delta in Nigeria, OML118 contains the Bonga field, which started production in 2005, as well as the Bonga North field, development of which started in 2024.

The Dentons team was led by energy partner Torquil Law and included partners Humphrey Douglas and Catherine Gilfedder, counsel Matt Vinall, senior finance lawyer Alexander Hewitt, associates Bethan McGarva and Adjoa Kwakwa, and trainee solicitor Olivia McGrath.

Torquil Law, who led the Dentons team in London, said: "It was great to work again with TotalEnergies' international M&A team and TEPNG, and in conjunction with our colleagues in Dentons' London office on this important deal."

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