TEMPLARS Advised TotalEnergies On US$510 Million Divestment Of Stake In OML118 PSC To SNEPCo

TEMPLARS Advised TotalEnergies on US$510 Million Divestment of Stake in OML118 PSC to SNEPCo

TEMPLARS has advised TotalEnergies SE and its Nigerian subsidiary, TotalEnergies EP Nigeria Limited (TEPNG), on the US$510 million divestment of its non-operated 12.5% interest in the OML118 Production Sharing Contract (PSC) to Shell Nigeria Exploration and Production Company Ltd (SNEPCo).

The OML118 PSC is operated by SNEPCo (55%), alongside partners Esso Exploration and Production Nigeria (20%), TotalEnergies EP Nigeria (12.5%), and Nigerian Agip Exploration (12.5%). Located 120 km south of the Niger Delta in deep offshore Nigeria, OML118 contains the Bonga field, which began production in 2005, and the Bonga North field, whose development commenced in 2024.

The TEMPLARS team was led by Yemisi Awonuga (Partner) and Dupe Dabiri (Partner), with support from Ifureuwem Udofa (Managing Counsel), and Mariam Adebayo and Theophilus Eke (Associates). Sesan Sulaiman (Partner) and Chibuike Ikefuna, LL.B, Chartered Tax Adviser (Associate) advised on tax matters; Zelda Akindele (Partner) advised on competition law; and Inam Wilson, SAN provided labour law support. Disputes support was led by Igonikon Adekunle (Partner), with assistance from Orji A. Uka, MCIArb (Managing Counsel).

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