BAKU, Azerbaijan, November 25. Eni’s
subsidiary, Nigeria Agip Exploration Limited (NAE), has acquired an
additional 2.5% stake in the OML 118 Production Sharing Contract
(PSC) from TotalEnergies EP Nigeria Limited, exercising its
pre-emption right, the company said, Trend reports.
The offshore license, which includes the Bonga producing field,
now sees NAE’s interest rise from 12.5% to 15%. NAE holds a
non-operating role in the field.
The transaction, which has received all required regulatory
approvals, aligns with Eni’s strategy to optimize its upstream
portfolio and reinforces the company’s commitment to deepwater
projects in Nigeria.
Eni has been operating in Nigeria since 1962 and expects average
equity production of 50,000 barrels of oil equivalent per day
(Kboed) in 2025.
